Whats Involved in the Closing Meeting?
Preparing for Closing Many things must be taken care of before you come to the closing meeting. Ask your lender for a list of your responsibilities so you can arrive fully prepared. Set a Closing Date When choosing a closing date give yourself time to gather all your information and free up any necessary funds. The lender will need time to prepare and deliver loan documents (usually 3-5 days), home inspections must be scheduled and if any repairs are needed allow enough time for them to be completed. Also, if your rate is locked in, make sure you close before the deadline so you’ll be guaranteed the quoted interest rate. Other Required Items Your lender will provide you with a commitment letter that lists all the other documentation that’s required at closing. The following are common examples. Survey – This shows the property’s boundaries and any improvements made to it. It also details any encroachments on the property like fences or buildings. Major encroachments must be corrected b
Preparing for Closing Many things must be taken care of before you come to the closing meeting. Ask your lender for a list of your responsibilities so you can arrive fully prepared. Set a Closing Date When choosing a closing date give yourself time to gather all your information and free up any necessary funds. The lender will need time to prepare and deliver loan documents (usually 3-5 days), home inspections must be scheduled and if any repairs are needed allow enough time for them to be completed. Also, if your rate is locked in, make sure you close before the deadline so you’ll be guaranteed the quoted interest rate. Other Required Items Your lender will provide you with a commitment letter that lists all the other documentation that’s required at closing. The following are common examples.
Transaction terms and the resulting escrow instructions determine how the property taxes are handled. Your Escrow Officer will not deal with any credits or charges for prorated of taxes, are handled. Your Escrow Officer will not deal with any credits or charges for prorated taxes; there is no mention of prorating in the escrow instructions. If your escrow calls for a prorating of taxes, there will be an item in your closing statement that will reflect either a charge or credit to your account. If the taxes have not been paid even though there has been a charge or credit against your account, the buyer is required to obtain a tax bill and pay the taxes. A tax bill may be requested from the tax collector by sending a photocopy of the deed.
