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Five FAQs About Closing

It’s official you finally have a date for closing on your home, but what is closing and why is it important? Here’s some facts about closing on your home.

What is a closing?

This is the last step in a real estate transaction.  Both the seller & buyer sign the final  documents and pay any remaining closing costs. 

Who attends closings?

It can vary from state to state or situation.  Majority of the time the seller & buyer are scheduled separately with the escrow officer/notary title agent. Your real estate agent, loan officer or real estate attorney may also be present.

Where is the closing held?

This will depend upon your situation and the title company that you are working with.  A closing could be held at the title companies’ office, your realtor’s office, your home or any other agreed upon location.

What do I need to bring to closing?

A few things may be required. You will always need a valid photo id such as your Driver’s License or State ID.

Prior to your scheduled signing appointment, your title company should have sent you instructions on where to wire your funds. Depending on the amount you are transfering sometimes they may ask that you bring a cashier’s check instead.  

Always confirm via phone with your title company where the funds should be wired.  Beware of emails with last minute changes to your payment amount, wiring instructions or the email address that isn’t from the same person you have been communicating with.

What happens at closing?

You will be signing all of the final documents in front of a title notary.

They could include: 

HUD Settlement Statement – this is all the nancial details between the seller & buyer.

Truth in Lending Act disclosure statement – this is the nal summary of the terms of your loan.

Mortgage note – the legal terms and your obligations to repay your lender

Deed of trust – legal transfer of ownership, this also gives your lender a claim against your home if you should not meet the terms of your mortgage.

You have the right to hire a real estate attorney to  review your closing documents and answer any questions you may have.  Your realtor, lender and escrow officer are happy to answer questions as well. Once all the documents are signed, funds have been disbursed, and title has been filed with the county you are then a Homeowner.

Possession is given as written in your purchase agreement. We recommend that you keep all your closing documents in a safe place for your reference. Your tax account will need a copy of your Settlement Statement, some of the expense associated with your purchase may be tax deductible.

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