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