LBI Real Estate Closing
- High Tides Digital Marketing
- Apr 11, 2022
- 2 min read
Closing in the Long Beach Island Real Estate Market
An LBI real estate closing occurs when the real estate sale has been finalized. The buyer and seller meet to sign documents and formally transfer the property ownership from one party to another. An LBI real estate closing can also be called a "consummation" or a "settlement".
LBI Real Estate Closing
Traditionally, closing takes place in person at an agreed to location. Very often, this will be a title company or an attorney's office. Interestingly enough, it is not uncommon for both parties to NOT meet in person but rather handle the closing remotely. Documents can be signed separately and at different times and then mailed to a title company or attorney to finalize the settlement. With the Long Beach Island real estate market being primarily a second home market, this kind of "virtual closing" takes place all the time. While it can seem unceremonious to not meet in person to finalize a home's sale, there is nothing wrong with it. At the closing, any mortgage documents will be reviewed and signed, and both the buyer and the seller will sign the formal settlement statements. The title company will record all the needed documents, and payment will be distributed to all parties. Typically a closing with a mortgage will take about an hour, and a cash transaction will take about 10 minutes!
Closing in the Long Beach Island Real Estate Market
Buying and selling a home in the LBI real estate market is a significant undertaking, and there are many moving parts. Understanding the closing process and knowing what to expect can help make the entire process a little easier. The above is a very general outline of an LBI real estate closing, but I am happy to answer any question you have about the settlement process. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
