Once you put an offer on the home you want and the Seller accepts it, talk quickly turns to the much-anticipated, ceremonial end to your home-buying experience: the closing. While this is an important business meeting, it's also exciting because it means you'll soon be walking away with the keys to your new home.
We will work to arrange a closing time that's amenable to all parties. You and your agent will arrive at a designated time and place, and the closing (which is sometimes called a settlement) will be led by a closing agent - typically an attorney or title company representative. The closing agent's role is to complete the transaction by assuring all parts of the contract have been performed, you as the Buyer receive clear title and all finances between the Buyer and the Seller are settled.
You won't see any cash exchange hands; rather, you'll be busy signing a number of important closing documents. There are literally dozens of forms to go through, and a good closing agent will explain each one to you as you go along.
Prior to sealing the deal, we will look at your sales agreement, making sure the Seller has met his or her obligations. Promises such as painting a room or replacing appliances must be completed before closing.
More specifically, at your closing:
* title and mortgage liens are properly recorded.
* title insurance is provided.
* old and new lender instructions are obtained.
* any problems noted at the walk-through are resolved.
* deeds of trust or mortgage and accompanying note are reviewed.
* lender forms and settlement sheets are explained.
Once you've signed all the necessary documents, you'll provide a certified or cashier's check to pay the balance of the down payment as well as any lender-related closing costs, which typically include an appraisal fee, homeowner's insurance, etc. They may also include mortgage points and other fees.
Closing costs, which vary from lender to lender, typically make up 2 to 6 percent of the mortgage loan amount. If you want more specifics, your lender will provide you with a good faith estimate.
Your closing may or may not include the presence of the Seller. In some cases, all parties come together in what is called a round-table closing. Other times, Buyers and Sellers complete the process through individual appointments. We will schedule your closing to your convenience!