On the closing day you will present your receipt for the homeowners insurance policy. Then the closing agent will detail how much the buyer and seller owe to each other (based on different expenses like prepaid taxes, down payment, unpaid taxes, inspection charges etc).Then comes the time to sign the contract, where you sign the mortgage and agree that if you do not make the payment, the lender can sell the property and charge the buyer for any expenses relating to the sale. The buyer will then receive the title to the house from the seller. This title will be in the form of a signed deed. The deed and mortgage then have to be recorded in public records, which are the state Registry of deeds and recording you as the homeowner.Here is a list of steps that need to be completed for the close:Note: The details of closing, including what documents and fees are required, who conducts the meeting, and even who attends the meeting vary a great deal from state to state.
THE LISTING AGENT (SELLERS SIDE)
■Coordinate repairs and coordinate the repair process
■Provide complete disclosures
■Sign-offTHE BUYER’S AGENT AND/OR LOAN OFFICER
■Schedule and attend the appraisal
■Attend the appraisal
■Attend the inspection
■Review all the property paperwork
■Walk through: This is where the buyer completes a physical inspection of the property to ensure that the repairs have been completed
Understanding Closing CostsClosing costs will differ in different locations and counties. These costs are typically between 3 and 5 % of your loan amount and encompass the following categories: lenders fees (all expenses relating to the loan process), escrow, external party fees (all expenses paid to skilled/certified professionals like appraisers, contractors, certifiers and insurance professionals), Government or Public fees (towards taxes, deeds and related paperwork and recording information).
Author:Jerry and Janna Burton Phone: 214-850-9014 Dated: October 10th 2017 Views: 23 About Jerry and Janna: Jerry and Janna Burton joined William Davis Realty in February, 2009. Both Janna and Jerry hold busi...
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