An Attorney will be selected as a closing agent. The Attorney will research the complete recorded history of the property title to ensure that the title is free and clear of encumbrances by the date of closing. Some properties are subject to restrictions which limit various activities such as building or parking restrictions. There may be recorded easements and encroachments, which limit the rights to use your property. Any balances due on your funding will be brought to the Attorney when you meet with them to sign the closing documents.
The Attorney will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller(s) will sign this statement when meeting with the Attorney, certifying its accuracy. If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution. If you are bringing funds to the transaction, you can elect to either have the funds wired electronically into the lawyer’s account, or bring a certified bank check to the closing in the amount specified on the settlement statement.