CLOSING
The closing or settlement as it is also known is the final step of the transaction. There are 3 main questions that you, as a Buyer, will ask:
1. Where Is The Closing and Who Needs to Attend? The closing is generally held at the office of the lender or the title company. The closer will take care of collecting and disbursing all funds necessary to close the transaction. It is imperative that the Seller and Buyer be at the closing; however, if this is not possible, documents can either be signed by an assigned power of attorney for the party or the documents can be overnighted to the party for signature.
2. What Should You Bring To Closing? Bring yourself and a cashier's check to cover your portion of the closing costs not covered by your lender. Your Realtor will let you know the amount of funds needed prior to closing. If the amount is greater than $50,000, the funds will need to be wired to the closing office. You will also need to bring the certificate of homeowner's insurance prepaid for the year and a copy of your driver's license.
3. What Are The Closing Costs? Both the Buyer and Seller are responsible for portions of the closing costs. For some of the costs, it depends
on where you live and the local custom as to who pays what and the agreement that you have in writing with the Seller. The majority of the fees are in relation to the loan, where the lender charges certain fees for giving you a mortgage. Your lender is required by law to give you a Truth-in-Lending estimate of your closing costs.
The closing or settlement as it is also known is the final step of the transaction. There are 3 main questions that you, as a Buyer, will ask:
1. Where Is The Closing and Who Needs to Attend? The closing is generally held at the office of the lender or the title company. The closer will take care of collecting and disbursing all funds necessary to close the transaction. It is imperative that the Seller and Buyer be at the closing; however, if this is not possible, documents can either be signed by an assigned power of attorney for the party or the documents can be overnighted to the party for signature.
2. What Should You Bring To Closing? Bring yourself and a cashier's check to cover your portion of the closing costs not covered by your lender. Your Realtor will let you know the amount of funds needed prior to closing. If the amount is greater than $50,000, the funds will need to be wired to the closing office. You will also need to bring the certificate of homeowner's insurance prepaid for the year and a copy of your driver's license.
3. What Are The Closing Costs? Both the Buyer and Seller are responsible for portions of the closing costs. For some of the costs, it depends
on where you live and the local custom as to who pays what and the agreement that you have in writing with the Seller. The majority of the fees are in relation to the loan, where the lender charges certain fees for giving you a mortgage. Your lender is required by law to give you a Truth-in-Lending estimate of your closing costs.