Manning & Manning Real Estate Attorneys Assist Buyers at Closings
Ohio Real Estate Law Firm Experienced in Real Estate Closings
When you purchase real estate in Ohio, the deal is not complete until you complete the closing, at which time all the related documents are signed and the funds are exchanged.
Types of Closings
Ohio real estate closings typically occur either in escrow or at a round table meeting. In an escrow closing, the closing agent distributes the funds after they are cleared, and then files the purchase documents at the appropriate county courthouse.
Some areas of Ohio use a round table closing format, in which the parties gather at the realtor's office, the lender's place of business, or the closing agent's office to sign the documents and exchange funds. The funds are provided to the seller at the end of the closing and purchase documents are filed after the funds have been disbursed.
No matter which type of closing buyers are involved in, they should request to see the following documents prior to the closing:
- Settlement statement
- Proposed deed
- Loan documents
- Title commitment
After the closing documents have been viewed, the buyer should discuss any concerns with an experienced real estate attorney and request any necessary changes. For your protection, you should also ask your attorney whether or not you should have legal representation at the closing.
Closing Protection Coverage
Ohio law requires that closing protection coverage be offered to all parties to a real estate transaction: the seller, buyer, and lender. An insurance company provides this protection at a nominal cost to protect the buyer from fraud on the part of the closing agent, since title insurance alone does not provide this type of protection.
Real estate closings can be complex, but the attorneys at Manning & Manning, LLC in North Ridgeville have assisted numerous buyers across the west side of Cleveland and northeast Ohio through the process. Contact our firm online or call 440-290-5970 to schedule your free initial consultation today.