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Step 9: Closing
Closing is where ownership of the home is transferred from the seller to the buyer. It is a formal meeting in which most parties involved in the buying/selling process will attend. Closing procedures are usually held at the title company's office or at a lawyer's office. Your closing officer coordinates the document signing and the collection and disbursement of funds. We will be there by your side to help answer any last minute questions.
In order for the closing to go smoothly, each party involved should bring the necessary documentation and be prepared to pay any related fees (closing costs). We will help ensure that you are equipped with all the proper documents.
Sellers sometimes pay for a portion or all of the closing costs. This depends on local market conditions, terms of the purchase contract, seller's capital, and timing considerations. Any such concessions should be acknowledged in writing. Most! lenders will allow a credit from the seller to the buyer for the non-recurring closing costs. However, they usually will not allow a credit that reduces the amount of the buyer's down payment or any of the buyer's recurring costs, such as expenses for fire insurance premiums, Private Mortgage Insurance (PMI), or property taxes. We will make sure that you are properly informed of each line item on the contract.
The Somerset Alliance L.L.C. will be present at the closing on your behalf and answer any questions or help to resolve any issues that may come up. We will also be available to manage any last minute or unexpected details that arise.Go to Next Step > |
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