CLOSING
Tips for Homebuyers
Closing day – What’s involved?
On the closing day, you will present your receipt for the homeowners insurance policy. Then the closing agent will detail how much the buyer and seller owe to each other (based on different expenses like prepaid taxes, down payment, unpaid taxes, inspection charges etc).
Then comes the time to sign the contract, where you sign the mortgage and agree that if you do not make the payment, the lender can sell the property and charge the buyer for any expenses relating to the sale. The buyer will then receive the title to the house from the seller. This title will be in the form of a signed deed. The deed and mortgage then have to be recorded in public records, which is the State Registry of deeds and recording you as the homeowner.
Here is a list of steps that need to be completed for the close:
Note: The details of closing, including what documents and fees are required, who conducts the meeting, and even who attends the meeting vary a great deal from state to state.
THE LISTING AGENT (SELLERS SIDE)