Closing day. Arnold Magana HAR Platinum Agent

Closing on the purchase of a property.

What is “Closing”?

Closing is the final step of the home buying process and you are officially the owner of the property. Closing normally takes place at the title company and the title company will issue all the funds to the parties of the transaction (Real Estate Agents, sellers of the home, insurance companies, title policy issuers, etc.) 

At closing, you will sign quite a bit of paperwork and be provided copies and details of who all received proceeds from the transaction.

Before Closing

1.   A Final Walk-Through: Just before closing you should conduct a final walk-through of the property you are purchasing. You and your agent will check the property is in the agreed-upon condition as agreed to in the contracts. 

2.   Closing Disclosure: You will be provided with a Closing Disclosure (CD), which will detail all the financial terms of your transaction and provide you with the final amount of funds to bring to closing. Ask your lender any questions about the process is to make sure there are no surprises at the closing.     

3.  Closing Day: On closing day, you will meet at the title company unless other arrangements have been made such as a mobile closing. Tile companies are commonly selected by the sellers especially if they are paying for the title policy. All signers will need to provide a valid government-issued photo ID and funds to close should be provided in the form of a Cashier’s Check payable to the title company, unless arrangements for wired funds have been made in advance. How Much

For Closing Costs?

Closing costs can vary widely by area and your home’s purchase price. Costs can be split between you and the property seller. Most of the costs originate from obtaining financing from your lender.

Closing costs can vary and be 3% to 4% of the home’s final sales price. For a 350,000 home, you can pay anywhere from 10,500 to 14,000 in closing costs.

Buyer Closing fees often include:     

A loan application fee ·         An origination fee, which lenders charge for processing your loan ·         The appraisal fee ·         An underwriting fee, the lender’s costs of researching the loan worthiness. ·         A title search fee ·         credit report fee ·         Property taxes, which are due within 60 days of the purchase ·         A recording fee for filing a record with the courthouse

What Should You Bring? ·         A government-issued photo ID ·         A cashier’s check or proof of wire transfer, to cover the remainder of the down payment and your closing costs