The day has finally come – the day you close on your new home! You (the buyer) are signing on the dotted line to take ownership of your new home. The seller is signing on the dotted line all rights releasing them from ownership of the home that you just purchased.
Be sure to tackle any last minute requirements that will need to be completed before closing to avoid delay. The buyer would want to be sure to complete a final walk-through before closing to ensure that the home is still in the same condition as stated in the sales contract to purchase. If you find any major problems during the walk-through, you can ask to delay the closing until the problems are corrected.
Here are a few of the important documents that you will receive after signing on the dotted line at closing:
HUD-1 settlement statement: A detailed list of all costs related to the sale of the home. Both you and the seller (who may be paying some of the closing costs) sign it. Borrowers should compare their HUD-1 statements against their good faith estimate to see if the actual closing costs differ significantly from the closing costs estimated by their lenders earlier. By law, you have the right to review this document 24 hours before closing, and you may want to so you have some additional time to clear up any mistakes and resolve problems.
Final TILA statement: You received the first version of this statement after applying for your mortgage. This final version outlines the cost of your loan and APR and takes into account any modifications made to your rate, points, etc., between application and closing. Make sure that everything is in order.
Mortgage note: This document states your promise to repay the mortgage. It indicates the amount and terms of the loan, and what the lender can do if you fail to make payments.
Mortgage or Deed of Trust: This document secures the note and gives your lender a claim against the home if you fail to live up to the terms of the mortgage note.
Certificate of Occupancy: If you are buying a newly constructed house, you need this legal document to move in.
Once you've reviewed and signed all closing documents, the house keys are yours and you will have successfully purchased your new home!
Takia Walker
Real Estate Professional
Fairfax Realty, Inc.
Be sure to tackle any last minute requirements that will need to be completed before closing to avoid delay. The buyer would want to be sure to complete a final walk-through before closing to ensure that the home is still in the same condition as stated in the sales contract to purchase. If you find any major problems during the walk-through, you can ask to delay the closing until the problems are corrected.
Here are a few of the important documents that you will receive after signing on the dotted line at closing:
HUD-1 settlement statement: A detailed list of all costs related to the sale of the home. Both you and the seller (who may be paying some of the closing costs) sign it. Borrowers should compare their HUD-1 statements against their good faith estimate to see if the actual closing costs differ significantly from the closing costs estimated by their lenders earlier. By law, you have the right to review this document 24 hours before closing, and you may want to so you have some additional time to clear up any mistakes and resolve problems.
Final TILA statement: You received the first version of this statement after applying for your mortgage. This final version outlines the cost of your loan and APR and takes into account any modifications made to your rate, points, etc., between application and closing. Make sure that everything is in order.
Mortgage note: This document states your promise to repay the mortgage. It indicates the amount and terms of the loan, and what the lender can do if you fail to make payments.
Mortgage or Deed of Trust: This document secures the note and gives your lender a claim against the home if you fail to live up to the terms of the mortgage note.
Certificate of Occupancy: If you are buying a newly constructed house, you need this legal document to move in.
Once you've reviewed and signed all closing documents, the house keys are yours and you will have successfully purchased your new home!
Takia Walker
Real Estate Professional
Fairfax Realty, Inc.
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