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Articles with tag "closing"
After going through all the work needed to buy or sell property, there is one final step: closing. Closing can be an arduous process, so it’s best to be prepared going in. Unfortunately, no amount of preparation can guarantee you an easy closing experience. It is important that you be ready for unexpected events to occur. Experts recommend the following steps to ensure your closing goes as well as possible.
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On the day that you close a real estate transaction, you will have to pay for a number of services provided by various companies and people during escrow. This payment is called closing or settlement costs. It is useful to know some facts about closing costs before you go to close your transaction.
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Closing costs, also known as settlement costs, are not included in the price of the property you buy. They are paid separately when the transaction closes and go to cover a number of services involved in selling the property. It is sometimes possible to reduce closing costs by purchasing special package deals from title companies where you buy multiple services.
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Closing normally follows a reasonably well-outlined path from the time you sign your purchase agreement to the time the transaction is finally closed. Here are the typical steps along that path:
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• The Escrow holder is a neutral party in the transaction who insures the sale takes place in a fair manner agreeable to both sides
• Meant to certify conditions of sale have been met before money is exchanged
• The Escrow holder follows instructions of parties in transaction
• Closing can proceed once all conditions have been met
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• Closing costs cover a number of fees involved in the transaction
• An estimate will be provided when you submit your loan application
• Should be paid with a cashier’s check
• Nearly all lenders require title insurance
• Title insurance protects your ownership of real property
• The lender and owner will each receive title insurance
• Rules for paying Title Costs vary from county to county
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The period of closing begins after you have agreed to sell your home to the buyer. At this point the real estate agent and attorney have been agreed upon and all documents will eventually move from the escrow company to the county courthouse, in about four to six weeks. A third party attorney will handle all of the paperwork for you from this point on. The attorney will make sure that buyer gets all of their documents in order and the real estate agent will organize any financial and inspection contingencies that you and the buyer have agreed upon.
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When the time comes to close, you will be given a stack of paperwork which shows the line by line of every fee you encounter during your real estate purchase. Remember, these costs are in addition to your minus escrow money and down payment. And be forewarned, these costs will ad up to 3 to 5% of your total purchase.
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The true moment of closing is when you become the final, legal owner of your new home. How the closing is handled depends on the region you live in and local customs. It may sound simple to simply pass the deed from seller to buyer, but the process is much more complicated in reality.
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