What is a closing?
How much will my closing cost?
Do I need a lawyer?
If I have a lawyer, do I have to attend the closing?
Whom does an attorney represent at a closing?
What is a "title search" and why do I need one?
What is title insurance?
What are "adjustments"?
Should I consult an attorney before signing a real estate contract?
Whom does the Realtor represent, the seller or the buyer?
 

  
What is a closing?
The closing is the meeting where you officially buy or sell a property. All the parties – the buyer, seller, lender and REALTOR® – sign the final documents and pay the money required to transfer the title to the new owner. In addition to the seller receiving money from the buyer, the Realtor, attorney and lender usually receive payment at the closing.
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How much will my closing cost?
Closing costs vary because no two closings are alike. The lawyer's time and the transaction's complexity are key factors for closing costs. A property's sale price does not necessarily influence closing costs. Ask your attorney for a written estimate of closing costs.
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Do I need a lawyer?
Legally, no. You can conduct your closing yourself. But, remember, it takes years of experience for lawyers to learn real estate law. Often, there are complex hidden issues such as zoning and environmental concerns that could affect the health of property owners and their families.
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If I have a lawyer, do I have to attend the closing?
No. You may give your lawyer Power of Attorney to make decisions and sign documents on your behalf. However, many mortgage lenders require the buyer to be present at the closing. Sellers often sign their documents in advance of the closing and need not attend.
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Whom does an attorney represent at a closing?
Both the buyer and seller usually have attorneys to insure that documents are executed properly. The lender also may have its own attorney. In Connecticut, it is common for the lender and the buyer to use the same attorney.
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What is a "title search" and why do I need one?
A title search will reveal any liens, judgments, restrictions, easements or other delays or obstacles to the sale of a property. The title search may be done by an attorney or a title searcher employed by an attorney. The title searcher reviews records at the town clerk's office to be sure the property can be sold by its legal owner.
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What is title insurance?
Insurance companies offer title insurance to mortgage lenders and property owners. Its purpose is to insure that a property is free and clear of liens, mortgages or other claims that would prevent its sale or use.
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What are "adjustments"?
Certain costs are required of a property owner; (for example, property taxes, sewer and water charges, fuel and association dues). Adjustments are made at the closing so that the seller pays those closing costs up to the closing day, and the buyer pays them from the closing day forward.
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Should I consult an attorney before signing a real estate contract?
As a buyer or seller, you may run into a deal you don't want to pass up, so it may not always be practical to consult a lawyer. However, that doesn't mean that it is a good idea. A lawyer can discover problems with the title or the contract  that you might  overlook. Always insist that any contract contain a contingency clause making the contract subject to review and approval by an attorney.
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