What happens during closing?
Closing day is exciting, because that’s when you finally take ownership of your new home. The property will be officially transferred to you. But before that happens, there are legal papers to sign and an orientation with the project superintendent to complete. Some paperwork you’ll receive prior to closing, and it’s important that you look over these documents. These may include the good faith estimate which provides an full explanation of the closing costs involved in the transaction. Once closing day has arrived, you’ll basically sit in a room with representatives from all interested parties, which may include the seller, the lender, the closing agent, the attorneys and the real estate agents and go over all the documents related to the transaction. First, you’re homeowner’s insurance policy will be acknowledged with a paid receipt. The closing agent will utilize a HUD-1 settlement statement to list the money you owe the seller (such as the remainder of the down payment and any prep
