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