Closing on Your Home
Copyright c 2007-2008 Clint Wooley
Possibly the most intimidating of real estate terminology, closings can cause anxiety in the minds of purchasers who have never experienced this event before. Closing simply refers to a time and date when all the legal documents required to complete a real estate transaction are signed, witnessed, and recorded in public records to make them legal. It also refers to the attorney or closing agent disbursing funds according to the contract.
Depending on the laws and customs in the state where you are purchasing, your closing agent may be an attorney, a title company or even possibly an independent closing agent. Typically the seller chooses the closing agent because they are purchasing an owners title police from this agent in most cases on your behalf as the purchaser.
Simply put, the job of the closing agent is to complete your real estate transaction according to the terms of the contract.
Once your closing is scheduled, it is important that you remain in contact with the closing agent and your Realtorr to determine that they have received everything they need in order to complete the closing. Your lender and closing agent should work together to make certain that you understand exactly how much money to bring to closing, and should make available to you a copy of the settlement statement prior to closing. The lender, closing agent, and your agent should be in touch with you as necessary, but I recommend that you remain in contact with them throughout the process. You are much more likely to solve problems early and close on time. It is best to arrive at the closing agent or attorney's office early, in case you are delayed in any way. Many people must work together to orchestrate the closing, and it only takes one party to delay the entire process.
The closing itself may occur around a large conference table at the attorney's or agent's office. When you are signing your loan documents, remember that you are entitled to sign these without the seller or their agent being present, as some of your personal financial information may need to be discussed with the closing agent. In any case, its not necessary for the seller or their agent to know what your interest rate or terms are, and these are likely to be disclosed verbally by the closing agent or attorney. Insist quietly that you prefer all loan documents to be signed only in the presence of the closer.
Once you and the seller have completed signing all the closing documents, the home is yours! Congratulations!
About The Author:
Clint Wooley is co-owner of Sunscape Rentals and Sales, and HomeMax.org, a helpful source for information, tips and articles for first time home buyers. HomeMax offers free Realtor referrals and Lender referrals. HomeMax Case Managers will help guide you through the home buying process. http://www.homemax.org
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