What is the closing?
Closing will typically take place at an attorney or title agent’s office. The attorney or title agent represents the lender – not the seller, real estate agent or you – the buyer.
Your Realtor will give you instructions on where the closing will be conducted, along with a phone number and a fax number for the closing attorney or agent in case you have any questions for him.
All borrowers associated with the loan transaction will be required to bring a government issued photo ID such as a driver’s license or passport to closing.
Here’s what you can expect to happen at the closing table:
1. The closing agent reviews the HUD-1 Settlement Statement with both you and the seller.
2. Evidence of required insurance and inspections are presented.
3. Signatures are collected for loan documents including the HUD-1, mortgage or deed note and the Truth-in-Lending statement.
4. You submit a certified or cashier’s check to cover your down payment and closing costs. Or, in some proceedings, money is drawn from an escrow account established for your home purchase.
5. The Lender provides a check to the closing agent to cover the home loan amount. If your monthly payments are to include property taxes and insurance, a new escrow account (or reserve) is established.
6. Finally, you receive the keys to your new home.