What are the duties of a closing agent?

A closing agent in Virginia is responsible for managing the closing process for real estate transactions. Their duties include coordinating with buyers, sellers, lenders, title companies, and other parties involved in a property sale. This includes preparing and reviewing documents, distributing funds, and ensuring all parties meet their respective obligations. The closing agent will typically prepare and provide the closing paperwork, which includes the settlement statement, deed, loan documents, and other associated documents. They will also make sure all documents are filled out correctly and that the parties have signed where necessary. In addition, they will review the documents to ensure accuracy and keep records of all documents produced for the transaction. The closing agent is also responsible for facilitating the payment of funds and ensuring that each party has deposited their respective funds. This includes collecting the down payment from the buyer and distributing it to the seller. The closing agent will conduct a final title review to ensure that all liens and other encumbrances have been properly cleared from the property. Finally, the closing agent is responsible for producing a closing statement and any other documents necessary for the completion of the transaction. They will provide these documents to the lender, the buyer, and the seller. The closing statement should include the purchase price, any fees applicable to the transaction, and details regarding the transfer of ownership.

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