Buying a house can be exciting, but you need to make sure you take the correct steps throughout the buying process. One of the things you should know is that the closing process in Ohio does require you to work with an attorney.
Ohio requires something called an attorney review. An attorney review state requires you to work with a real estate attorney as you put together the closing documents and complete the transaction to transfer a property into your name. The first part of the attorney review process takes three days and begins as soon as an offer is accepted.
What happens during the attorney review process?
While the attorney review is happening, either party may leave the deal without any fear of consequences. Those 72 hours are there to give time for people to back out of a purchase or sale. After they pass, though, you will need to have a good reason to back out and may face consequences if you do.
When do you work with the attorney during closing?
Usually, you’ll see the attorney again when you close on the property. Often, the closing takes place at the attorney’s office. It may also be at the title company or lender’s office.
The attorney will have completed a title search on the property before this meeting so that you will be able to know if there are assessments or liens on the property. If not, the sale and transfer of the property may move forward. A title commitment will be issued by the attorney along with other legal documents needed at closing.
Once at the closing table, you’ll sign the required documents. You’ll get the keys the same day in most cases.
Get ready to purchase a home and get through a smooth closing process
You have a right to work with an attorney who you trust throughout this process. It may be a good idea to have your own, even if the seller has selected someone to help with the closing. You need to know that someone is on your side during the process, so you are protected.