PRIMARY CONTRACTS SIGNED DURING CLOSING:
certified check
Truth in lending statement
Itemization of amount financed
Monthly payment letter
Note
Mortgage
HUD Form 1 or Disclosure
Warranty deed
Proration agreements
Tax and utility receipts
Name affidavit
Acknowledgment of reports
Search or Abstract of Title
SIGN ON THE DOTTED LINE PROCESS
You leave closing a real estate owner
Closing is usually a one hour(or less) process of signing multiple contracts, consisting of some or additional
items listed above. We explain each closing item prior to close, just to increase your understanding.
We ensure every detail is accurate during closing. Adequate advance preparation prevents nasty surprises from everyone
ready to close (especially you!).
Closing usually takes place at the office of
Attorney
Title Company
Escrow Company
Key things that will happen during closing are
Down Payment & Closing Costs
Transfer title to your name
Verify property insurance
Commit to mortgage contract
Important items addressed prior to closing:
Homeowners Insurance Policy:
Settlement Statement:
Certified Funds:
protection in case catastrophic event occurs to property
states total amount of cash needed at closing and also how various funds will disperse.
In addition, it gives an opportunity to iron out any discrepancies prior to Closing.
Needed prior to closing date, usually unavailable until one/two days prior to actual close.
May only be obtained from a bank or credit union; used for closing costs and down payments.
Amount should equal amount stated on Settlement Statement above
This is an important reason for needing a copy of the Settlement Statement a day or two in advance--
so you know the amount of funds needed and so that any discrepancies can be ironed out in advance.
