The most important thing to remember is ensuring you are prepared and that you have a reliable guide to assist you through this important time.  Our goal is to ensure that there will be no surprises at the real estate closing and to keep you informed through every step of this process. Ensuring you understand what is required and keeping you up to date with the progress will increase your comfort level with this important transaction.   

Real Estate Closing

After searching for a home and the negotiations have been completed, the house has been inspected, and the mortgage has been applied for and the lender has committed to the loan, the focus becomes the Closing, Settlement, or Escrow as it is known in some localities. In our discussion we refer to the process resulting in you actually owning the home as Closing. An understanding of the process and players in the closing, as well as preparation for it, will help ensure peace of mind as the day approaches.

What is involved in closing on a house?

It is the act of signing on the dotted line that will put the title to the house into your name, verify homeowners' insurance on the property, commit in writing to the terms of the mortgage, and put the keys to the house into your hands. You leave the closing the proud owner of your own new home. You are now a Home Owner. All is settled in the short amount of time that you spend at the closing.

Closing procedures vary from State to State. In some States the buyers and sellers, and their Real Estate Agents, all attend the closing. In other States, only the buyers need be present. The closing takes place at the office of an Attorney, a Title Company, or an Escrow Company. There is some variance here based on your local laws and tradition. In general the closing will be attended by the buyers and their Real Estate Agent, as well as the Closing Agent, who reviews all of the factors involved in the sale of the house, and who will repeatedly say "sign here".

What forms are required at closing?

Although there may be additional documents involved, the primary docs used at the Closing are:

• The HUD Settlement Statement
• The Contract
• The Loan Papers
• Title Insurance
• Homeowners' Insurance
• The Title or Deed
• The Down Payment and Closing Costs
  
  The Real Estate Closing is your last chance to make sure everything related to purchasing your new home is correct. It is important that you prepare before the Closing day. Your Agent should review all of the documents with you, but it is always a good idea to have the right information in case you need it.

What will we need to bring to the closing?

The following are the most important items that you should have before and at the closing:

A Closing cost estimate: This should be given to you by your Agent when you sign the contract, and then again given to you by the Lender, a Good Faith Estimate, shortly following your application for a loan. This should give you a close estimate of the money you will need ready at the time of closing.

Homeowners' Insurance Policy: This must be secured prior to the date of closing. For more information on coverage see the Homeowners' Insurance section.

Settlement Statement: You should have a copy of the Settlement Statement before the date of Closing. Generally this will not be available until one or two days prior to the actual Closing, but it is important to have it because it tells you the total amount of money you will need at Closing and also how those funds will be dispersed. It also gives you an opportunity to clear up any discrepancies before the Closing. Your Agent should also have a copy for review.

Certified Funds: On Closing day you will need certified funds for closing costs and down payments. This is why you need a copy of the Settlement Statement a couple of days in advance -- so you know the amounts of certified checks needed and so that any problems can be handled in advance.

Adequate preparation in advance makes closing on the purchase of a house less stressful. We can assist you... please contact us today!.

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