Closing
The first set of documents you’ll be going through is typically the HUD-1 statement. This statement outlines all of the costs associated with the transaction you will review and sign this document indicating you agree with these numbers. At this time you may also submit an official Check for any costs you may be responsible for bringing to closing. The next set of documents you’ll review and sign are your loan and mortgage documents. Following the loan documents you will sign any remaining title documents. You will not sign the Deed. This document is only signed by the seller. If you are entitled to possession at closing you should then receive the keys to your new home prior to you leaving the title office. Congratulations on completing the final step in a process that continues to grow in complexity almost daily with changing legislation and market conditions. |
Closing occurs on a date agreed upon by the buyer and seller in the sales contract. When you close you typically meet with your title closing officer, your lender, and your realtor. By this time the seller will typically have completed closing or may be closing with his or her title representative simultaneously. This process does not have to be conducted by a title company and some lender’s may conduct their own closings, but for the most part this is a team effort. When you arrive at closing you will begin with providing your ID so that the title representative can make a copy. If you don’t have any questions you’ll start going through the paperwork.