What is a real estate closing or settlement?

A real estate closing, also known as a "settlement," is the final step in the process of purchasing a home in Idaho. It is the meeting where the transfer of ownership of the property takes place, and all the necessary documents are signed and fees are paid.

During the closing, the buyer will typically review and sign the purchase contract, mortgage documents, and any other necessary legal documents. The buyer will also pay closing costs, which include things like title insurance, appraisal fees, and other expenses associated with the purchase of the property.

The seller will also sign necessary documents such as the deed and any other necessary legal documents. The seller will also receive the remaining funds from the sale of the property.

In Idaho, the closing process can be done either in person or remotely, depending on the parties involved. Closing can be done by a title company, attorney or by an escrow agent. The title company will provide title insurance, handle the transfer of the title and make sure that the title is clear of any liens or encumbrances.

It's important to keep in mind that the closing process may vary depending on the specific details of the transaction, and the parties should work closely with their attorney or other professional to ensure that everything is done correctly.

Who attends a real estate closing?

Who attends a real estate closing varies widely based on the physical location of the buyer, seller, lender and other professionals.  In a all cash transaction, sometimes it is all done completely online using electronic signatures. In a traditional closing, many of the key parties of the transaction will be present. These include:

A real estate closing typically involves several key parties:

1. The buyer: The buyer is the person who is purchasing the property and will be responsible for signing the purchase contract, mortgage documents, and other legal documents, as well as paying for all or some of the closing costs depending on the terms of the purchase agreement.
   
   
2. The seller: The seller is the person who is selling the property and will be responsible for signing the deed and other legal documents. They will also receive the remaining funds from the sale of the property.
   
   
3. The closing agent: The closing agent, also known as a "settlement agent," is responsible for coordinating the closing process and ensuring that all necessary documents are signed and all necessary funds are exchanged. The closing agent can be a title officer, attorney, or escrow agent.
   
   
4. The buyer's agent: If the buyer has a real estate agent, they will also typically be present at the closing. The buyer's agent will be there to answer any questions the buyer may have and to ensure that the closing process goes smoothly.
   
   
5. The lender: If the buyer is obtaining a loan to purchase the property, a representative from the lender will also typically be present at the closing. They will review and sign the mortgage documents and disburse the loan funds to the closing agent.
   
   
6. Other professionals: Depending on the specific details of the transaction, other professionals may also be present at the closing. For example, if there are any outstanding liens or encumbrances on the property, a representative from the entity holding the lien may be present to ensure that it is paid off before the closing.

All parties in the closing are expected to review and sign the necessary paperwork and make sure that all the details in the transaction are correct. It's important to keep in mind that the closing process may vary depending on the specific details of the transaction, and the parties should work closely with the closing agent to ensure that everything is done correctly.