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.
Shana 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.
