a real estate closing?
estate closing, which is also known as “settlement” or “escrow,”
is the event where the title to a property is transferred from seller
to buyer. Real estate closing is typically held in
an office, such as that of an closing attorney, title
agent or title insurance company, and involves the
completion of all the necessary paperwork to finalize the agreement
between buyer and seller, as well as the collection of all funds required
for the transaction.
Once the necessary documents are prepared, signed and recorded at
the local courthouse or county recorder’s office, the title is considered
transferred to the new homeowner.
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are real estate closing costs?
estate closing costs are all costs required to close the
real estate transaction. They can include (but are
not limited to) surveying fees, property taxes, title insurance
premiums, attorney fees, real estate
agent commissions, points, loan origination fees, private mortgage
insurance (PMI), and the balance of your down payment.
Prior to closing, you should review your final closing statement or
HUD-1 statement (whichever is in use in your area) to ensure that
all the calculations are correct and that you have been given all
the credit for deposits and other agreed upon buyer and seller credits.
Also recheck all lender, title and escrow fees to make sure they are
will happen during the closing process?
- You might
do a final walk-through of the home.
- You’ll go
to the closing location and show your picture ID to the settlement
- You’ll present
your paid homeowner’s insurance policy, or proof that the premium
has been paid.
- Your settlement
agent will review the closing statement/HUD-1 with you, showing
all items for which you have paid.
- You’ll get
inspection reports and warranties.
- You’ll sign
the mortgage/security deeds, agreeing that if you don’t make payments
to the lender as agreed, the lender is entitled to sell your property
and apply the sale price against the amount you owe.
- You’ll sign
a mortgage note, which is your promise to repay the loan.
- You’ll typically
be given the title to the house in the form of a deed, signed by
- You will be
asked to sign a number of other documents required by your lender.
- The deed and
mortgage will be recorded in the local courthouse or county recorder’s
office, sometimes called the Registry of Deeds.
- You’ll get
the keys to your house!
For more information,
you may call us at 706.722.7574 or email us at: Info@BushLaw.net.