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.
Alexis Eldorrado
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. She will
also be available to manage any last minute or unexpected
details that come up.
equal
housing opportunity