Frequently Asked Questions About Closing

By
Real Estate Agent with Keller Williams Realty Newport/East Bay

Frequently Asked Questions About Closings

 

Where Are Closings Held?

Closings are usually held at a title company's office. Their job is to confirm the current legal owner of the property, reveal any mortgages, liens, judgment or unpaid taxes on the property, and identify any restrictions that may affect the sale of the property. Any problems need to be corrected before a buyer can receive "good title."

 

What Do I Need To Bring?

Payment of closing costs, proof of insurance, approval of inspections of the property.

 

What Happens At Closing?

Signing of documents. Frequently-used documents include:

Closing statement (HUD-1) - Details all funds changing hands between the buyer and seller.

Truth in Lending statement - A final summary of the terms of your loan.

Mortgage note - A legal obligation to repay the lender according to stated terms.

Deed of trust - The legal transfer of ownership, gives the lender a claim against your home if you fail to meet the terms of the mortgage note.

Affidavits - Any binding statements by the buyer or seller.

Riders - Any contract amendments that impact your rights.

 

Once all documents are signed and all monies have been paid, possession is transferred and you receive the keys to your new home. Be sure to keep your closing documents in a safe place for future reference. Some of the expenses associated with your home purchase or sale are tax-deductible.

 

For more information regarding home selling and buying please visit my websitehttp://www.ericasellsri.com/

 

Posted by

Erica Sousa  

Kw

    

809 Aquidneck Ave. Middletown RI 02841

ESousa@KW.com

401. 835.8523

401.608.9215

Comments (2)

John G. Johnston
John G. Johnston & Associates, LLC - Westcliffe, CO
An Exclusive Buyer's Agent ~ Westcliffe, CO

Erica  Welcome to the AR world.  In Colorado Buyers and Sellers have to bring ID too.

Dec 12, 2012 07:14 AM
erica sousa
Keller Williams Realty Newport/East Bay - Newport, RI

Hi John.. Thank You!

Yes you are correct....I did forget to mention that here in Rhode Island, ID is also required! Thank you for pointing that out!

 

Dec 12, 2012 07:41 AM