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Cards In This Set
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Closing or Settlement
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The final meeting Of the parties involved in the real estae transaction at which the transaction documents are signed and the deed and money are transferred.
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Give steps at closing
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1. Review w/ buyer and seller the closing statement.
2. Answer any questions about the statement.
3. Sign loan docs such as : mortgage note and Truth-in-Lending statement. Present insurance and inspections.
4. Seller/buyer submits a certified or cashier’s check to cover the closing costs and the balance of funds due (if applicable).
5. The check from the lender covering the mortgage amount is submitted to the closing agent.
6. Escrow account for taxes/insurance is set up
7. Receive keys to the home.
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Who holds the documents and money until all of the terms, conditions, and contigencies have been met?
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Closing agent
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What is the purpose of the closing meeting?
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To transfer ownership of property and to pay seller.
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What is the purpose of having the lender's representative at the closing
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To assure the security of the title.
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What does the seller give the buyer?
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Deed, keys to the property, etc such as garage openers
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Who is at a closing?
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Closing agent, seller, buyer, title officer, loan officer, real estate agents, and sometimes attornerys for the buyer and or seller.
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Where is the closing?
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Office of brokers or attorneys, the lender, title insurance but typically the title agent conducts the meeting.
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Role of RE Agent at closing
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Represent client's best interests, make sure closing agent has access to all documents.
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Role of the seller's attorney & the seller
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The seller, the seller's attorney or the closing agent need to prepare the paperwork of transfer of ownership, answer q's about status of property and take the docs to meeting.
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What certifications are required to be brought at a closing?
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Termite Inspection Certification, Water and Sewer Certification and Building Code Compliance Certification.
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What policies are needed at the closing?
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Homeowner's Insurance policy, Flood Insurance Policy and Title Insurance Policy.
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What Statements are required at a closing?
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Offset Statement and Beneficiary Statement.
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What docs other than policies, statements and certifications?
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Deed, Survey, Property Tax Bill, Abstract of Title, Certificate of Occupancy and Bill of Sale for Personal Property.
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Why is the Property Tax Bill brought to closing?
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To either give credit to the seller for prepayment or credit to estimate what is owed. If it is different than estimate typically both stiputlate they can change the figures when they know them.
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