RealtorTraceyW
BLOG 2012
WHAT HAPPENS AT CLOSING
Closing is the final step in the Home Buying Process. Up to this point the home still belongs to the Seller. The purpose of the Closing is to transfer ownership from the Seller to you.
Who Attends Closing
Closing is normally attended by the Buyer, Seller, Agents, Attorney, or Title Company. In some cases there may be a Power of Attorney representing the Buyer or Seller.
Documents Signed At Closing
HUD-1 Settlement Statement – The Settlement Statement is a breakdown of all costs associated with the sale of the property. It details the fees that are paid by the Buyer and Seller.
Buyer Fees: Appraisal, Taxes, Insurance, Credit Report, Title Search, Title Insurance, Processing Fees, etc.
Seller Fees: Real Estate Commission, Taxes, Termite Inspection, Septic Inspection, Mortgage Payoff, etc.
Deed – This document transfers ownership from the Seller to the Buyer. After Closing it is submitted to the Clerk of the Court to be filed as a public record.
Mortgage Document – If the property is financed the Buyer will sign for their mortgage. A mortgage is a loan from a financial institution. At closing the Buyer agrees to repay the loan. The mortgage specifies the number of payments and when they are due.
Keys and Instruction Manuals
Sellers will give all keys to the home and instruction manuals to the Buyer. It is recommended that Buyers have locks change immediately, especially in cases where the home was previously used as a rental property.
Enjoy Your New Home
The Closing Appointment takes about an hour to complete. After signing all those documents it is time to enjoy your New Home.
Are you ready to buy a home?
Let me help you get to the closing table. Call Now! Or request an appointment in the Appointment Center on my website www.RealtorTraceyW.com
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