What You Should Expect at Closing
'Closing' is said to be the very last stage during a real estate transaction.
It is a settlement of the real estate deal between the seller of the property and the buyer of the property.
The real estate property is officially and legally transferred to the buyer's hands, during the closing meeting.
All open settlements are done, payments are made, documents are signed and exchanged; and finally the property goes into the hands of the ultimate buyer.
The buyer now holds the ownership of the real estate property after a successful and healthy transaction.
The closing meeting is an official meeting whose attendees are the buyer, the seller, their law attorneys, property sales professionals, the lender representative, and the closing middleman or agent.
These are the most important members of the closing meeting.
The closing meeting of a real estate deal is said to complete only when all open and half-done issues are resolved, liabilities are cleared, and all evidences, proofs and mortgage loan documents are accurately verified and stamped and signed by both the parties in the deal.
There is an experienced attorney present, who closely looks at each and every step of the closing process, guides and assesses you, and makes sure that all rights are secured against any legal issue.
Closing cost is said to have an addition of about 2 to 5 % of the real estate property's purchase price.
The typical fees included in closing costs are: 1.
The attorney's charges 2.
Escrow or Origination fees 3.
Property taxes and appraisal fees.
4.
Fees of loan origination 5.
Fees for record keeping 6.
Interim period interest, the interest amount liable between the date of closing and the first working day of the successive month.
7.
Document preparation fee 8.
Survey fee 9.
Inspection fee 10.
Pest fee of inspection i.
e.
Pest Inspection Fee 11.
Title insurance 12.
Mortgage insurance 13.
Insurance policy receipt or payment of the property owner.
14.
Additional discounting fees Furthermore, the documents you are liable to obtain at the end of the transaction are: 1.
The settlement sheet or statement as a written document containing the list of services, as items, provided and their corresponding charges.
The buyer and the seller are to pay these charges.
2.
Truth-in-Lending (TIL) Statement: It is an estimation of the new loan cost which the buyer asks the lender for, before buying a new property.
The lender must produce this sheet within three working days.
3.
The Note: It is the promissory note made by the borrower as a promise, to re-pay his lender in accordance with the mutually agreed conditions of the loan, the date & location of payment.
4.
Mortgage: It is a security document received by lender allowing him to claim the property if borrower fails to stick to specified terms.
5.
Various affidavits: These affidavits are legal documents as a proof from either the buyer's side or from both buyer and seller's side.
6.
Deed: Seller's signed document, to transfer ownership from him to the buyer.
It is a settlement of the real estate deal between the seller of the property and the buyer of the property.
The real estate property is officially and legally transferred to the buyer's hands, during the closing meeting.
All open settlements are done, payments are made, documents are signed and exchanged; and finally the property goes into the hands of the ultimate buyer.
The buyer now holds the ownership of the real estate property after a successful and healthy transaction.
The closing meeting is an official meeting whose attendees are the buyer, the seller, their law attorneys, property sales professionals, the lender representative, and the closing middleman or agent.
These are the most important members of the closing meeting.
The closing meeting of a real estate deal is said to complete only when all open and half-done issues are resolved, liabilities are cleared, and all evidences, proofs and mortgage loan documents are accurately verified and stamped and signed by both the parties in the deal.
There is an experienced attorney present, who closely looks at each and every step of the closing process, guides and assesses you, and makes sure that all rights are secured against any legal issue.
Closing cost is said to have an addition of about 2 to 5 % of the real estate property's purchase price.
The typical fees included in closing costs are: 1.
The attorney's charges 2.
Escrow or Origination fees 3.
Property taxes and appraisal fees.
4.
Fees of loan origination 5.
Fees for record keeping 6.
Interim period interest, the interest amount liable between the date of closing and the first working day of the successive month.
7.
Document preparation fee 8.
Survey fee 9.
Inspection fee 10.
Pest fee of inspection i.
e.
Pest Inspection Fee 11.
Title insurance 12.
Mortgage insurance 13.
Insurance policy receipt or payment of the property owner.
14.
Additional discounting fees Furthermore, the documents you are liable to obtain at the end of the transaction are: 1.
The settlement sheet or statement as a written document containing the list of services, as items, provided and their corresponding charges.
The buyer and the seller are to pay these charges.
2.
Truth-in-Lending (TIL) Statement: It is an estimation of the new loan cost which the buyer asks the lender for, before buying a new property.
The lender must produce this sheet within three working days.
3.
The Note: It is the promissory note made by the borrower as a promise, to re-pay his lender in accordance with the mutually agreed conditions of the loan, the date & location of payment.
4.
Mortgage: It is a security document received by lender allowing him to claim the property if borrower fails to stick to specified terms.
5.
Various affidavits: These affidavits are legal documents as a proof from either the buyer's side or from both buyer and seller's side.
6.
Deed: Seller's signed document, to transfer ownership from him to the buyer.
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