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Closing Participants

Several people may be at the closing representing the buyer, seller, and lender. Local laws and customs will determine who will be present at your closing.

  • Homebuyer - Becomes the new owner of the home once the required payments and closing transactions are completed.
  • Seller - Transfers the house to the homebuyer.
  • Real Estate Agent - Helps the homebuyer understand all the documentation to ensure that the contract stipulations are correct and that the closing process goes smoothly.
  • Attorney - You may use a real estate attorney to handle the closing transaction to protect your rights as a buyer and to identify any loopholes with the legalities of the contract. In some states, the escrow/closing officer will perform the function of the real estate attorney.
  • Escrow/Closing Officer - The escrow/closing officer is a neutral third party who helps both the buyer and seller, ensuring that all documents, inspections, and funds required to close the transaction are completed and received by the appropriate party.
  • Title Company - Performs title search for the property. In some cases, the title company can coordinate the closing transactions.
  • Lender - Provides the loan package for the buyer.
  • Servicer - Organization (usually a lender) that collects your monthly mortgage payments and services your loan.

 

Information on the Closing Process

 

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