Property Closing Support Attorneys Based in Philadelphia

Providing Assistance with Property Closings in Pennsylvania, New Jersey and surrounding counties

Purchasing real estate is a major financial decision, whether you are a large capital firm or a first-time home buyer. PLG is expertly equipped to handle a range of real estate transactions to make the process go smoothly. While the closing process and all related paperwork can be confusing to the buyer or seller, we will prepare you and your documents for settlement so that you enter into this new agreement fully versed and ready to proceed.

Fill out our contact form to send us an email or call us at (215) 515-0882 today to get started with our property closing lawyers in Philadelphia.

What Is The Real Estate Closing Process in Pennsylvania?

The real estate closing process in Pennsylvania for both residential and commercial properties involves several key steps:

1. Sales Agreement: The process typically begins with the negotiation and execution of a sales agreement between the buyer and seller. This agreement outlines the terms and conditions of the sale, including the purchase price, contingencies, and other relevant details.
2. Title Search: After the sales agreement is signed, a title search is conducted to ensure that the property has a clear title and there are no liens, encumbrances, or other issues that could affect the transfer of ownership. This step is crucial in protecting the buyer's interests.
3. Property Inspections: The buyer may choose to conduct various inspections, such as a home inspection, termite inspection, or environmental assessment, to identify any potential problems with the property. These inspections help the buyer make an informed decision and negotiate any necessary repairs or adjustments.
4. Financing: If the buyer is obtaining a mortgage to purchase the property, they will need to secure financing. This involves completing a loan application, providing necessary documentation, and working with a lender to obtain loan approval.
5. Closing Disclosure: Prior to closing, the lender is required to provide the buyer with a Closing Disclosure, which outlines the final terms of the loan, including the loan amount, interest rate, closing costs, and other financial details. The buyer must review and acknowledge this document.
6. Closing Preparations: As the closing date approaches, various tasks need to be completed, such as obtaining homeowner's insurance, coordinating with the lender, and ensuring all necessary documents are in order.
7. Closing Day: On the scheduled closing day, the buyer, seller, their respective attorneys, and possibly a representative from the lender will gather to finalize the transaction. The buyer will review and sign the mortgage and other loan documents, and the seller will sign the deed and transfer ownership to the buyer.
8. Recording and Funding: After the closing, the deed and mortgage documents are recorded with the appropriate county office. Once the lender confirms that all requirements are met, funds are disbursed to the seller, and the transaction is considered complete.

It is always recommended to consult with a qualified real estate attorney for specific guidance. One reputable law firm in Philadelphia that knows the ins and outs of real estate closings is Pritzker Law Group. We have extensive experience and our team of skilled Philadelphia closing lawyers can guide you through the entire process, ensuring your interests are protected. We offer a free 15-minute consultation to discuss your specific needs and provide personalized advice. With our knowledge of Pennsylvania real estate laws and attention to detail, we strive to make your closing experience smooth and efficient.