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Understanding the Closing Process

The day has come and you are about to Pay closing costs and escrow items -
close on your new home. Once all parties Borrowers handle the numerous fees
sign the papers, the deal will be associated with obtaining a mortgage and
officially closed and ownership of the transferring property ownership in one of
property will be transferred to you. This two ways. First, they either roll them
is your opportunity to make any into the principal balance of the new
last-minute changes to the transaction. loan or agree to pay higher interest
The day before closing, be sure to gather rates and have their lenders foot the
all of the paperwork you have received bill. Second, some home buyers may be
throughout the home-buying process (good required to pay these out-of-pocket fees.
faith estimate, contract, proof of title The Actual Closing
search, private mortgage insurance, home Although closing procedures vary from
appraisal and inspection reports, etc.). state to state, the following parties
You may need to refer to these documents will generally be present at the closing
at the actual closing. or settlement meeting:
Most contracts entitle you to a - Closing agent, who may work for the
walk-through inspection of the property lender or the title company.
24 hours before closing. This is to -Attorney: The closing agent may also be
ensure that the seller has vacated the an attorney representing you or the
property and left it in the condition lender. Both sides may have attorneys.
specified in the sales contract. If there You may or may not want to have an
are any major problems, you can ask to attorney present, depending on how
delay the closing or request that the comfortable you are with the mortgage
seller deposit money into an escrow provider or lending process.
account to cover any necessary expenses. -Title company representative to provide
The Buyer's Responsibilities written evidence of the ownership of the
At closing, your will be required to: property.
Sign legal documents - These fall into -Home seller.
two categories: the agreement between you -The seller's real estate agent.
and your lender regarding the terms and -The borrower of the mortgage (you).
conditions of the mortgage, and the -The lender of the mortgage.
agreement between you and the seller The closing agent conducts the settlement
transferring ownership of the property. meeting and makes sure that all documents
Be sure to read all documents carefully are signed and recorded and that closing
before signing them, and do not sign fees and escrow payments are paid and
forms with blank lines or spaces. properly distributed.




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