What You Can Expect at the Closing Table When Buying or Selling a House in Belton

    For both buyers and sellers, closing is a long-awaited goal. Signing documents and exchanging money are the last steps before ownership passes from one party to the other. As a buyer or seller, you have a distinct set of responsibilities and costs to pay at the end of the transaction. As a result, while buyers and sellers usually have a rough notion of closing, they’re not always clear about what happens at the closing table. If you’re buying or selling a home in Belton, keep reading to learn what to expect at the closing table.

    What Is a Real Estate Closing?

    A greater grasp of closing will go a long way toward helping you know what to expect at the closing table, whether you’re buying or selling in Belton.

    “Closing occurs when both the buyer and the seller of a home have met all of the sales agreement terms. When it comes to a real estate transaction, it’s all about money and documents being transferred so that the seller can transfer ownership and possession to the buyer. [The seller] will also compensate all of the parties who donated documents or services to aid the sale and closure,” he or she says in a statement.

    Consider the term “settlement,” which refers to the end of a transaction. With all of the parties involved in the transaction coming together to “set up shop,” it might be said that “the seller is settling up” with everyone else who has provided services or paperwork to make things happen.

    A third party, known as a settlement agent or escrowed, is often employed to ensure that all closing-table tasks are completed in one location and at the same time. All paperwork, money and other items required for closing will be received by this settlement agent or escrow from the parties designated to give them, and the money needed to clear the title will be paid to all of the former lenders and lien holders, as well as sales agents and other service providers.

    Places Where Closing Occurs

    In most states, the closing table is typically held at the lender’s office or an escrow company. Title insurance companies (or their agents) are the most common escrows since they ensure the buyer’s ownership of the property. In Belton, the escrow office is where most closings occur for both purchasers and sellers.

    • As well as these options, others may be considered.
    • A mobile escrow can be sent to a location convenient for all parties if requested by the buyer or seller.
    • According to the buyer’s lender, an escrow business or notary public may serve in this capacity on occasion.
    • Escrow companies are often used to facilitate the transfer of funds between the seller and buyer. The seller’s attorney “may offer his or her office, but recent restrictions in client trust accounting may make it impossible for the attorney to disburse funds immediately, so an escrow company may do the actual transfer of funds,”
    • Other closing options include “notary or attorney”-only transactions in which a “notary or attorney” travels to the buyer and seller’s chosen location to provide the papers and disbursement services on behalf of the buyer’s lender.”

    Call (816) 695-7352 to speak with a Belton representative about your region’s most popular and ideal closing-table location.

    Closing Cost Expenses

    The most common closing costs fall into two broad groups for both purchasing and selling a home in Belton. These are costs associated with the house and with the loan.


    To pay the costs of the lender’s due diligence, these fees include:

    • Fee for an appraisal
    • The fee for doing an inspection.
    • Title insurance and a search of the title


    The costs of processing the mortgage loan application are covered by these fees, which also include:

    • The cost of obtaining a credit report
    • Initiation charge
    • The fee to apply
    • Fee for underwriting
    • Expenses specific to the area
    • The cost of a lawyer’s services

    Who Pays What at the Closing?

    Belton residents who are buying or selling a home face various costs. The following is a typical cost split for buyers and sellers.


    • The majority of the closing costs are borne by the buyer.
    • Protects the buyer from liens or other claims against the property after the transaction has been completed with title insurance.
    • Paying the lender’s fees for the preparation of the mortgage loan
    • Consent of the buyer – Incorporates procedures such as inspections.
    • Insurance for homeowners:Some of the premiums must be paid in full at closing.
    • A notary charge is assessed when closing paperwork isis signed outside of an escrow officer.
    • The relevant Bureau of Conveyances charges fees for recording deeds and mortgages.
    • Expenses for escrow and the production of title documents Buyer and seller often share HOA fees 50/50; typically, two months’ worth of fees are paid in advance.


    Sellers’ closing costs are a little different and often consist of the following items:

    • Closing settlement – Full payment of the mortgage debt
    • Fees paid to the agent — Usually the seller, but the buyer may also be required to foot the bill
    • State and local governments levy transfer taxes and recording fees as a condition of transferring title.
    • In exchange for the title search and document preparation services the title business provides, escrow fees are paid.
    • Attorney fees – Costs incurred in the settlement process for legal representation.
    • Survey fees:Usually for single-family residences to check borders and assess if there are encroachments. –
    • Unpaid HOA and/or prorated property taxes are often included in the settlement fees as liens/judgments.

    Consult a Belton Realtor

    Regardless of location, Belton’s normal closing process for a house purchase or sale includes the following steps:

    • Unless otherwise specified, the buyer is responsible for any leftover closing costs.
    • To transfer ownership, the seller signs the property over to the buyer.
    • The buyer becomes the official owner when the Escrow agent registers a new deed.
    • After the buyer pays the remaining mortgage and closing charges, the seller receives the sale money.

    A whole team of experts is needed to ensure that the deal is completed at the closing table. And if it all sounds a little too complicated, that’s because it is. Contact us at (816) 695-7352 if you’d like to learn more about buying or selling a home in Belton, MO.