Closing and Final Details

November 29, 2017
Buying a Home

Closing is the Day You’ve been Waiting For

We'll will accompany you to settlement, which will be led by a closing agent – typically an attorney or title company representative. He or she will complete the transaction by assuring all parts of the contract have been performed.

You won't see any cash exchange hands; rather, you'll be busy signing a number of important closing documents. A good closing agent will explain each one to you as you go along.

At your closing

 

  • Title and mortgage liens are properly recorded.
  • Title insurance is provided.
  • Old and new lender instructions are obtained.
  • Any problems noted at the walk-through are resolved.
  • Deeds of trust or mortgage and accompanying note are reviewed.
  • Lender forms and settlement sheets are explained.

After signing all the necessary documents, you'll provide a certified or cashier's check to cover your down payment and closing costs, which typically include the appraisal fee, homeowners insurance, and other fees.  

At the closing meeting, you will receive:

 

  • A HUD-1 Settlement Statement, listing all the services and charges to you and the seller. You'll be able to see this document the day before closing.
  •  Truth-in-Lending statement. You should have received this within three days of applying for the loan. It details the actual cost of the mortgage.
  • The mortgage note itself.This is your promise to repay the loan.
  • The deed. Signed by the seller at closing, it transfers ownership of the property. You may only get a copy. When the actual deed is recorded with the country listing you as the owner, it will be mailed to you
  • Any other affidavits. For example, an affidavit may state that you will use the property as your principal residence.

Preparing for Closing costs

Typically, closing costs are 3 to 6 percent of the sales price. There are fees such as insurance on the title to your home, taxes, transfer costs, attorney fees (if necessary) and hazard insurance.

 

You may also be required to prepay an up-front reserve account of tax and insurance payments to ensure that there are sufficient funds in your account to meet these obligations when they are due. In some cases, the seller will agree to pay closing costs — that is one of those negotiable details.

 

Here’s the day you’ve been waiting for. The papers are in order and money has been exchanged. You’re handed the keys — the home is now yours!

Staci Davis

Staci was raised on a farm in Toppenish, WA where she learned a strong work ethic from an early age. She worked on the farm, was involved in 4-H, attended school, and worked a job to pay her way through college. Staci attended and graduated from Washington State University in Pullman, WA with a major in Communications with an emphasis in Advertising. She worked as a client account manager at a number of advertising agencies that specialized in marketing, branding, media planning, and lead generation. After dedicating 7 years, she decided to pursue a career where she could excel at a rate that matched her level of work and commitment.

 

Staci became a licensed real estate professional in 2009 and has had great success, year after year, at a job she is proud to say she loves!  Today, she continues to utilize her college education and business experience to help each of her clients obtain their real estate goals. She specializes in marketing homes and getting them SOLD with a truly integrated marketing strategy, and also really enjoys helping buyers with one of the largest purchases of their life…a home! She is a licensed Real Estate Broker in Washington & Oregon, and is “Your Key To Real Estate Success”!

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