As Closing Day Approaches:
As your real estate agent, I will coordinate with the parties involved in your transaction, including appraisers, inspectors, surveyors, mortgage and title company representatives. As the time for the closing draws near, I will coordinate a date and time and be in touch with the title company closer as final documents are prepared. Settlement statements, which show a final monetary accounting of the transaction, are generally available the day before closing. We will review them thoroughly prior to closing. If your contract specified a final walk-through, I'll set an appointment for that. A walk-through enables the buyer to confirm that the home is in the same condition as when the contract was accepted, that repairs stipulated in the contract have been completed, and that items listed as inclusions are indeed still on the property.
The Real Estate Closing:
Unless it's a cash transaction, the real estate closing generally consists of two parts: the loan closing and the real estate closing. Both may be handled by a representative of your title insurance company, or in some cases are presentative of your mortgage company may handle the loan closing. The documents will be explained to you and signatures obtained from the necessary parties. These documents will include:
- Closing (Settlement) Statements
- Tax Agreement
- Water and Sewer Agreement
- Deed
- HUD Settlement Statement
- Truth in Lending Disclosure
- Deed of Trust (and riders)
- Final Lien Affidavit
You'll need to bring a few things to the closing table as well. These include:
- A cashier's check or other good funds (see Glossary of Terms)
- A picture I.D., such as a valid driver's license
- Your homeowner's insurance policy
- A duly executed Power of Attorney for any parties involved in the transaction who are not present and for whom you will sign.
Possession Of The Property:
You'll usually receive your keys and garage door opener controls at closing. The time and date of your actual possession of the property takes place as dictated by the contract you signed. Often times possession occurs on closing date, but sometimes there's a few days wait while the previous owner vacates the premises. Both parties must honor the agreement made in the contract regarding possession.
Celebration!
Hey, you've just bought a new house, a momentous occasion for most people. It's time to celebrate the beginning of a new chapter in your life. Before you do -- take a moment to put your closing papers in a safe place. These are important documents that you will need in the future, so be sure to retain them. You're going to call John when you're ready to sell.
Remember to call us as the first step in your new home search. Ask about his unique money-saving listing program on your existing home.
