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Closing, the Day Everyone Dreams Of


Since before the American Revolution land titles and deeds have been recorded wherever people have settled and built communities in America. Title does not only guarantee buyers of what they have invested in, it allows them to then provide the same proof to another when the time comes for them to sell or transfer ownership.

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Title is transferred during the closing meeting, which is also known as the settlement or escrow meeting. Traditionally this meeting was when both parties sat down to finalize the transfer of ownership, the purchase price and fees. In today’s current era, with access to fax machines and the Internet, these meetings may not have to take place to complete a transfer of ownership. However, the process, it proceeds and the final results are the same. The only thing that makes a real difference is how well the parties concerned were prepared for the closing. If you do not have all of your ducks in a row, and your documentation is lacking or flawed, the closing could be a total bust, and you could end up in default. If this occurs, you could either end up in litigation or not acquiring the property at all.

The only way to ensure that you are protected in regard to the title and the title search process is to have title insurance at the time of closing. If a mistake was made when the search was performed, and another owner or a lien or encumbrance is in place, you will not lose your hard earned investment dollars due to this error. The property must also have an accompanying homeowner’s policy to protect against fire, theft or liabilities, which are also some of the issues that could arise and endanger your ability to satisfy the loan agreement at sometime in the future.

If all of the necessary preparations have been made the closing meeting is typically very brief, and straightforward. Some buyers choose to have a last minute walk-through inspection of a property just before closing, to be certain nothing has happened to the property that would be cause for concern. This request must be included in the agreement prior to closing to ensure that it will be possible when the time comes.

Note: The Closing or Settlement Usually Occurs at a meeting, But at Times an Escrow Agent Can Complete the Process.
Not all areas of the country have the same procedures for closings, and you should first familiarize yourself with what will be expected of everyone when the time comes for you to close on your prospective home. Your attorney should be the best source for this important information.

Common Closing Costs That Need to Be Paid at the Closing Are:

Lender's Fees

  1. Loan origination

  2. Loan discount points if they apply

  3. Commitment

  4. Credit report

  5. Appraisal


Prepayments

  1. Interest from the date of the closing to the beginning of the first monthly payment

  2. Property tax and insurance prepayment account

  3. Mortgage insurance premium if it applies

  4. Hazard insurance premium


Additional Fees

  1. Title charges

  2. Attorney fees

  3. Recording and transfer fees

  4. Termite inspection, professional home inspection, other environmental inspections and survey fees


What Is Your Attorney Responsible For?

  • Title search

  • Obtaining the loan package from the lender

  • Arranging for title insurance

  • Making sure all required documents are included and reviewed

  • Validate all inspections

  • Check all contingencies

  • Filing all of the signed documents with the proper agencies

  • Ordering of the survey

  • Distribution of funds
 
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