working with an agent
/ choosing an agent
/ find a home
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The Closing
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At settlement, also referred to as closing, your weeks of planning and anxiety finally pay off. In a few circumstances, an escrow agent prepares the documents and then collects and pays out the various funds. More often, all parties to the transaction, including the lender; buyer, seller, and their attorneys; real estate agents; and someone from the title company will meet with the closing agent to settle the paperwork and exchange moneys associated with the deal.
If your loan application process went smoothly there should be no surprises at settlement. However, last minute problems may arise. For example, a termite inspection report may be missing or the loan applicant may have forgotten to bring a one-year paid homeowner's insurance policy. Depending on the parties involved, You will be presented with a settlement or closing costs sheet that reflects all the applicable details of the transaction. The settlement sheet details the amount of money due to and from various parties. Review this document carefully. If you were fully disclosed by your lender before settlement (as required by law) there should not be any charges you do not recognize. You might want to bring along a calculator and add up these charges. Although they are totaled on the settlement sheet, errors may occur. Closing costs typically include:
Your lawyer or representative will review the documents, explain them to you, and protect your interests. You will pay your portion of the closing costs to cover the down payment, loan origination fee (sometimes called points), an escrow amount to pay your property taxes and mortgage and property insurance, services such as a title examination, and document recording, among other things. You'll sign numerous documents and receive copies of them all. You will then receive the keys to your new home!
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these instances may postpone settlement.