| Closing is the final step of a real estate transaction | | | | condition as specified in the sales contract. In case of |
| and entails legal and official transfer of ownership of | | | | a discrepancy, the buyer can either delay the closing |
| the property in the name of the buyer. Documents | | | | or ask the seller to deposit a specified sum into an |
| such as the good-faith estimate, contract, proof of | | | | escrow account to cover the necessary repairs. |
| title search and insurance, flood certification; proof of | | | | Closing involves a lot of paper work and entails |
| homeowners insurance and mortgage insurance, | | | | signing of several documents like the HUD-1 |
| home appraisal and inspection reports must be kept | | | | settlement statement, Final TILA statement, |
| ready prior to the closing. Closing occurs in the | | | | Mortgage note, Mortgage or deed of trust and the |
| presence of the buyer, the seller, an attorney, the | | | | Certificate of occupancy all of which must be |
| closing agent, mortgage company representative, | | | | carefully reviewed prior to signing. |
| realtor, and the title company representative. | | | | The buyer is required to pay the closing costs, |
| The home buyer can conduct a walk through | | | | payment for the house and escrows at the time of |
| inspection of the home 24 hours before closing to | | | | closing. The house price agreed upon by the seller |
| ensure that all the repairs and fixing work that was | | | | and buyer is usually expected to reach the seller's |
| agreed upon have been done and that the seller has | | | | account within 2 to 3 working days after closing the |
| vacated and left the property in exactly the same | | | | home deal. |