Whenever there is an official transaction between the buying and the selling party, it is executed as a series of stages. When this transaction is coming to an end and is finally completed, a face-to-face meeting is held by both the parties along with their respective advisers, as well as official legal representatives. This meeting is called as the ‘closing meeting’.
Its main focus is on the various steps taken to give a final sanction to the transaction and thereby making sure all the payments and legal issues are settled. Each party comes with their own team of officials and there is a common closing agent who closes the transaction for them. These important officials include attorneys, sales executives, loan lender of the buyer, etc. In this meeting, the seller has sold the property and in turn, hands over it’s possession to the buyer.
There could be more than one buyer involved in the real estate trade. The role of the closing agent is to coordinate and facilitate the document- signing procedure and collection of funds, to divert it to the buyer. All mortgage related doubts are cleared. It is very essential to hire a high-profile and experienced attorney, to very accurately guide you through the most critical stages of property transaction. At the end of the meeting, the mortgage and deed comes in the form of an official record at your local clerk’s register.
Additionally, various official fees, charges and interests involved throughout the long transaction, are combined in the ‘closing cost’. It needs lot of supervising and verification, wherein the closing agent is responsible for safe end of the trade. There are various fees involved; such as attorney’s fees, escrow fees, origination fees, appraisal fees, service and property tax, recording fees, inspection fee, fees for underwriting, insurance receipt, loan mortgage sheet, property owner’s insurance which requires payment of mortgage insurance as first annual premium, and additional two months payment in advance. All take place at the closing.
Prepare yourself with the following documents, as these are the legal and most critical documents you must have with you.
1.Settlement statement: It basically enlists all the acquired services and the charges they come with. These charges are to be cleared by both buying and selling parties.
2.TIL, i.e. Truth-in-Lending Statement: Which holds the estimation of the loan cost as stated in the lender’s terms. The buyer requests for this sheet before he wishes to apply for the loan.
3.Note: It is an exceptional promissory document where the buyer agrees to pay the mortgage amount to the lender and failure of which he will be penalized for.
4.Mortgage: This is the legal right and authority given to the lender as a security for the note, to officially claim the real estate property, only if the buyer does not show his trust and loyalty.
5.Signed and stamped legal documents called affidavits: These are documents such as occupancy, possession, delayed payment, loss of receipt, etc.
6.The seller alone is liable to sign the deed: This means that the owner transfers the property’s possession to the buying party.
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