Getting Started
The Clincher, Also Known as Closing
By SUSAN STELLIN
Published: July 25, 2013
For first-time buyers, closing on a home purchase can be like finishing a long and grueling race. There’s the thrill of achievement mixed with relief that it’s over and, often, the weak limbs that can come with handing over a shockingly large check.
Most closings take place 60 to 90 days after the contract is signed, although New York City brokers say 90 days is more the norm. The closings themselves tend to wrap up within two to three hours. They involve plenty of paperwork and a lot of signatures, a roomful of lawyers (at least in New York) and many checks changing hands. But there are fewer financial surprises now that lenders must give borrowers an estimate of their closing costs within three business days after receiving a loan application.
Read the full story here: http://www.nytimes.com/2013/07/28/realestate/the-clincher-a-k-a-closing.html?pagewanted=all&_r=0
