WHAT TO EXPECT AT A REAL ESTATE CLOSING…
This is it – the moment you’ve been working toward, the moment funds are exchanged for the deed to your new home. A great deal of preparation goes into this moment – lenders and settlement agents work closely together to ensure that the transition is a smooth one. Long before the big day, title to the property must be examined, outstanding mortgages identified (and pay-offs arranged), the buyer’s financing conditions satisfied, outstanding and upcoming property taxes and municipal utilities determined, and new homeowners’ insurance arranged. Anything that could stand in the way of a clean transfer of title or that might jeopardize the lender’s security interest is identified and remedied.
The first thing you’ll notice is that there is paperwork – a LOT of paperwork!
Your closing will take a solid hour (at least) of reading and signing.
The next thing you’ll notice is that there are fees for EVERYTHING!
Here’s a copy of the Closing Disclosure now used by lenders filled with sample data (for illustration purposes only). Please note that this does NOT include sample data for any of the lender’s charges.