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10 Steps to Buying Your Home
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Closing is where ownership of the home is legally transferred from the seller to
the buyer. It is a formal meeting in which most parties involved in the
buying/selling process will attend. Closing procedures are usually held
at the title company's office or lawyer's office. Your closing officer coordinates
the document signing and the collection and disbursement of funds.
In order for the closing
to go smoothly, each party involved should bring the necessary documentation
and be prepared to pay any related fees (closing costs). There may be
more than one form of acceptable payment for your closing costs so ask
the closing officer which form of payment will be required and to whom
it should be paid.
Sellers sometimes
pay for a portion or all of the closing costs, depending on local market
conditions, terms of the purchase contract, and the seller's cash and timing
considerations. Any such concessions should be acknowledged in writing.
Most lenders will allow a credit from the seller to the buyer for the
non-recurring closing costs. However, they usually won't allow a credit
that reduces the amount of the buyer's down payment or any of the buyer's
recurring costs, such as expenses for fire insurance premiums, Private
Mortgage Insurance (PMI), or property taxes.
Your
eBlue agent can save you time and money by being present
at the closing reading the documents on your behalf and answering any
questions
or helping
to resolve any issues that may come up. Your agent will also be available
to manage any last minute or unexpected details that come up.
