Education for Buyers

What Happens At Closing or Settlement?

In some areas, you and your realtor meet with the seller(s), their realtor, and a settlement officer (either a lawyer or title company representative) and often attorneys representing the seller and/or you, to settle the transfer of the property and close the transaction. In other areas, an escrow officer does all the preparations for closing, and contacts the buyer and seller to come in individually and sign their respective documents.

In either case you will need to provide:

• Your homeowner's insurance policy and paid receipt for one year coverage
• A certified or cashier's check for the balance of your down payment and your closing costs
• Your regular check book so that you can pay any incidental costs. (Typically all closing costs are calculated in advance and your certified check is usually enough.)

Also, you go over a list of adjustments presented on government standard "Settlement Statements" to settle what you and the seller owe one another in cash, taxes, etc. You sign the mortgage and a mortgage note. After recording all signed documents, the seller gives you the title (deed) to your new home. Finally, you receive the keys to your home and the home is yours!

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