Home Buyers

Congratulations, you have made the leap to purchase a new home. Buying a new home has been considered one of the most exciting yet stressful experiences that you will encounter. Land Title is here to help you with any obstacles that may come along the way and help ease your stress during this important event in your life.

The closing is the last step of your long journey of buying a home. Essentially it's the day that you close the deal and make the final transfer of money and the keys. Typically the closing takes place at the title company's office where the closer works. Arrangements for other closing locations can be made if special circumstances arise.

Here are some things to consider when scheduling your closing:

Who attends the closing?

The buyer, seller, both real estate professionals, and closer are typically present at the closing. Sometimes the lender will send a representative to be at the closing.

What to expect during the closing?

You will need to bring a government - issued ID - valid drivers license, a picture ID issued by the state or a valid passport which the closer will make copies of before the closing begins. Lenders typically require buyers to have a second form of ID as well such as a Social Security card.

Multiple documents will be reviewed at the closing and will need your signature. There are two sets of documents you will be reading and signing off on at the closing: mortgage/loan documents and real estate documents.

Mortgage/loan documents include but are not limited to:

Real Estate Documents:

Settlement Statement: This is a line item breakdown of all costs associated with the transaction in an easy to read debit/credit format.

HUD Form: This will contain the actual settlement costs and amounts. The closing agent will go over this document with you and the seller. Make sure to look for any typos or errors.

Warranty deed: includes the names of the buyer, seller and description of the property. Signing off on this document transfers the title of the property.

Tax and Utility Agreements: describes how you and the seller are divvying the costs of the house for the month in which it is bought.

Bill of Sale: This document will transfer any personal property that was included in the sale of the home.

After all documents have been reviewed and signed, you will provide good funds (cashier's check or wire transfer) to the title company. The closer then distributes checks to the appropriate parties.

You have three choices of how you would like to receive copies of the signed closing documents:

The seller will transfer to you the keys for your new home. (This is not always the case depending on possession.)

After the closing, the closing agent will immediately record the Warranty Deed, the Deed of Trust and other pertinent documents with the county clerk's office.

The title policy is generally issued within 30 days of the closing. This is an important document for you to file with your other legal documents once you receive it.

To read our Topic of the month on Tips for a Smooth Closing Click Here

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Who pays what?