I am closing my house in two days and would like to know exactly what happens during this time. Could someone write me and explain in detail how long it takes and what I will do during this time.
2007-03-17 13:43:54 · 9 answers · asked by Ugochinyere 1 in Business & Finance ➔ Renting & Real Estate
Loan approval
Title search and insurance
Inspections
For the actual closing you hand over a check, sign some papers, and get the key.
2007-03-17 13:47:24 · answer #1 · answered by Barkley Hound 7 · 0⤊ 1⤋
Once you and your buyer have signed the offer-to-purchase contract, start to prepare for the closing. Your title attorney will provide proof of marketable title and help you deliver the deed.
Your real estate agent will help arrange for any inspections required by the buyer, and then follow up with proof of completed repairs. You should cancel utilities and services for the day you move out or on the closing date. No sense paying for full utilities in an empty house. If you are selling your house in cold weather, don't cancel the heat, but do arrange for a end reading on the closing date.
Ask for a copy of the settlement statement shortly before closing so that you can review all items and costs, including allocations between you and the buyer. It is important that you understand what is actually happening during your closing, and how money and legal documents will be changing hands.
The day of closing
State law governs real estate transactions, so they will vary from state to state. At closing the buyer receives marketable title, you receive the purchase price, and certain other items are adjusted between you and the buyer, according to local custom. Here are steps you can expect, no matter where you are.
* The closing agent will list the money the buyer owes you (such as the remainder of the down payment and prepaid taxes), and the money you owe the buyer (such as unpaid taxes).
* You will provide proof of inspections and repairs.
* The buyer will sign the mortgage documents, promising to repay the loan.
* You will give the buyer the title to the house as a signed deed. This is the most important document at closing.
* You and the buyer will pay closing costs, including attorney's fees, property taxes, transfer tax, interest, loan origination fee, recording and survey fees, title insurance, loan discount points, and any documentation preparation fees.
* You and the buyer will receive a settlement statement.
* You will receive the purchase price, in the form of a check or confirmation of funds wired to a designated account.
There are other expenses that appear on the settlement sheet as a credit or debit to you or the buyer. These expenses include your prepaid taxes, insurance, and utility charges. Ask your real estate agent to explain anything you don't understand.
2007-03-20 23:14:27 · answer #2 · answered by flymetothemoon279 5 · 3⤊ 0⤋
Thats the most exciting part after all the aggravation of getting a mortgage. It takes 5 minutes. You sign sign sign papers, give a check if they ask for one ahead of time...for closing costs,(or sometimes they give YOU a check if you borrowed more then you needed and closing costs were cheaper then they thought) and they hand you the keys. Its such a great feeling. Good for you. Good Luck in your new home and God Bless.
2007-03-17 13:49:58 · answer #3 · answered by 3boys 3 · 3⤊ 0⤋
a majority of those frill I allow you to know. The contracter that is universal with the real resources that is universal with the customer and so on. feels like a perky elitisit sport the position no-one which merits it ever receives a house and the costs are unacceptable. i imagine in words, the final of a house is at the same time as a customer has the same opinion and indicators into its purchace.
2016-12-02 03:54:32 · answer #4 · answered by breit 4 · 0⤊ 0⤋
The Realtor handling the transaction for you , should have given you a complete packet of all the forms that need to be signed and notarized.
Documentation and disclosures vary by state so you really need to have your rep answer your question.
2007-03-17 13:53:38 · answer #5 · answered by kate 7 · 0⤊ 0⤋
It will take about 45 minutes and all you do is sign your name about 30 times.
2007-03-17 13:47:03 · answer #6 · answered by duediligencebeforeinvesting 2 · 0⤊ 0⤋
as far as i'm aware (scots law ) the missives are signed by the lawyer who act on your behalf and when they ae signed it is now a legally binding contrat .
2007-03-17 13:48:36 · answer #7 · answered by christopher o 2 · 0⤊ 0⤋
check the windows...the doors..make sure the cooker is switched off....turn the heating off...say goodbye to the neighbours and away you go....to the club..jim!!!!
2007-03-17 13:48:17 · answer #8 · answered by amri 5 · 0⤊ 3⤋
give us more imformation i dont know what you mean
oh right sorry you need to change your wording a bit .
2007-03-17 13:47:24 · answer #9 · answered by Anonymous · 0⤊ 6⤋