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Closing the
Deal: What To Expect
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!
Your agent 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 – usually an attorney or title
company representative. The closing agent's job is to
complete the transaction by taking the money from you
the buyer and giving it to the seller.
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 title agent will explain each one to you as you go
along.
Prior to sealing the deal, you and your
agent will look at your sales agreement, making sure the
seller has met his/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 closing
costs, including tax and title search fees.
Depending on the city in which your new home is located,
your closing may or may not include the presence of the
seller. In some areas, all parties come together in what
is called a round-table closing. In other areas, buyers
and sellers complete the process through individual
appointments.
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