First Time Home Buyers / Tampa / The Closing

This is a long one so I am going to devote one blog to the closing and the other to the HUD 1 which is the balance sheet on which all of the numbers ar collected and tallied. The closing is held at a Title Company, all of the parties need to sign the papers to transfer the title to the new owners. Everyone does not need to be there at the same time, but everyone need to sign, that are signatories on the original purchase contract. In Tampa Bay the seller customarily pays for the Tittle Insurance policy and selects the Title Company. The Seller also generally pays the Real Estate commission. They then sign the deed, tranfering the property to the new owner. The Title Company needs the Drivers license of all the signers in order for the notary to identify them, other forms of Identification are also acceptable. All of the monies paid into the transaction are added to the HUD 1 for distribution. I will conclude this in my next blog.