Documents and Fees you Should Expect at Closing

By
Real Estate Agent with ERA Davis & Linn Real Estate

•           Bank note: If you're closing on a house or condo it's called a mortgage. If it's for a co-op it's called a security agreement. The security agreement or mortgage "puts teeth into the note." A note is a piece of paper that says I borrowed the money and I will promise to pay it back. The security agreement or mortgage says what the bank will do if you don't pay it back.

•           Transfer documents: For a co-op, those are co-op documents, which are a proprietary lease. For a condo, the unit condo power of attorney gives the condominium limited power of attorney to conduct the business of the condo. A house does not have a transfer document

•           Hud-1: Discloses fees and costs

•           Aztech: For a co-op, it's a recognition agreement. The bank has a security interest in the shares but the coop also has a security interest in the shares. The recognition agreement is signed by the bank, co-op, and the borrower/buyer, recognizing each others' mutual security interest in the shares.

•           Lead paint disclosure: The seller, buyer and usually the agent all sign. Most people waive their right to do a lead paint inspection.

 

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