You have eventually made it to the final stage of buying or making an attempt to sell a house. When you arrive for your closing it could be somewhat overpowering. I have sat with lots of house owners who were either purchasing or refinancing their home. The single thing I noticed they all had in common was the first shock in the quantity of paper work. I will briefly go over the basics of a closing so you will know what to expect. Understanding what you're walking into when you arrive will calm the nerves significantly. Your agent should also either be there or be a phone call away to answer any questions you could have.
To start what is a "closing"? In layman terms a closing is a set time you complete all of the paper work and contracts agreeing to purchase or sell the property. Technically the "closing" or settlement as it is referred in some places is understood to be "the point at which the title to the property is transferred to the purchaser and, often, a mortgage (or deed of trust) is given by the purchaser/borrower to the lender."
The closing will either be held at a title company or an attorney's office. In a nutshell, here's what occurs is prior to arriving to your appointment when attempting to sell a home. First the loan closer prepares and reviews all the documentation involved in finishing the mortgage lending transaction. Then you and most normally your agent will arrive in the office to rendezvous with the loan closer.
(Some agents do not attend but it's a good idea that you request their presence or at a minimum for them to be available by the telephone for questions) Next, the loan closer will bring out a heap of paperwork (a good half inch thick) that she will roughly go over and request signatures. That is the reason why it's so crucial to have your agent there or a telephone call away for any questions that may pop up.
Speaking of documents.. Although the number perhaps overpowering it is important that you look closely at each one. As alluring as it may be to quickly sign each page and move on to the next. Do Not do that!! You have to pay special attention to the details in the documents. Verify all the spelling, names, addresses, amounts etc are all correct or they may be recorded with the court wrongly. If anything is incorrect be certain to counsel the loan closer as fast as it's spotted so that they can correct it.
To start what is a "closing"? In layman terms a closing is a set time you complete all of the paper work and contracts agreeing to purchase or sell the property. Technically the "closing" or settlement as it is referred in some places is understood to be "the point at which the title to the property is transferred to the purchaser and, often, a mortgage (or deed of trust) is given by the purchaser/borrower to the lender."
The closing will either be held at a title company or an attorney's office. In a nutshell, here's what occurs is prior to arriving to your appointment when attempting to sell a home. First the loan closer prepares and reviews all the documentation involved in finishing the mortgage lending transaction. Then you and most normally your agent will arrive in the office to rendezvous with the loan closer.
(Some agents do not attend but it's a good idea that you request their presence or at a minimum for them to be available by the telephone for questions) Next, the loan closer will bring out a heap of paperwork (a good half inch thick) that she will roughly go over and request signatures. That is the reason why it's so crucial to have your agent there or a telephone call away for any questions that may pop up.
Speaking of documents.. Although the number perhaps overpowering it is important that you look closely at each one. As alluring as it may be to quickly sign each page and move on to the next. Do Not do that!! You have to pay special attention to the details in the documents. Verify all the spelling, names, addresses, amounts etc are all correct or they may be recorded with the court wrongly. If anything is incorrect be certain to counsel the loan closer as fast as it's spotted so that they can correct it.
About the Author:
Learn exactly how straightforward it is to sell a home for cash at Leo Kingston's Internet site. Leo is found in OKC and has been buying houses for cash for more than Twenty years. His 18002SellHomes company provides property owners a simple opportinity for selling their home without the requirement of realtor service costs or loan company settlement costs.
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