What happens at closing?
You will meet with a closing agent who will review with you a series of documents that have been prepared by your lender and provided to the closing agent the day of or before your closing. Many of the documents are non-binding notices and disclosures, which can be quickly reviewed and signed. But a few are key and legally binding. At STA these documents will be presented to you at the beginning of the process for your careful review. Here is a list of these documents. • HUD-1 Settlement Statement • Note • Deed • Sales/Broker Commission • Items Payable in Connection with Loan/Fees/Points, Reports, etc.
At the closing, ownership of the newly purchased home is officially transferred from the seller to you. It may involve you, the seller, the real estate agent, your attorney, the lender’s attorney, representatives from the title or escrow firm, and a variety of clerks, secretaries, and other staff. It is possible to have an attorney act on your behalf if you cannot attend the meeting (for example, if the house is in another state). Closing can take as little time as an hour to sign all the forms and transfer ownership or it can take several hours, depending on the contingency clauses in the purchase offer (and any escrow accounts that may need to be set up). Much of the paperwork involved in closing (or settlement) is done by attorneys and real estate professionals. You may be involved in some of the closing activities and not in others, depending on local customs and on the professionals with whom you are working. Before you close on the house, you should have a final inspection, or wa
