Posted on: 07th Jul, 2009 09:40 am
The Closing Process
You've found the home you want. You’ve made an offer which the seller has accepted. You've applied for a mortgage, and been approved. Move in day is almost here. There's only one more step - the closing.
The word closing in terms of real estate is the process by which the transfer of property from seller to buyer is finalized. Once your mortgage is approved, a date is set for the closing to take place: called a closing date.
Depending on the state in which the transaction is taking place, the closing process is conducted by one of the following representatives of buyer and seller, respectively.
1 An attorney
2 A real estate broker
3 A lender/loan officer
4 A representative of a title insurance company
5 A representative of an escrow company
In order for a closing to take place, several key items must first be prepared and delivered to the lender in advance
1 Title search and title report
2 Title insurance binder
3 Hazard insurance binder
4 Property survey
5 Inspection certificates - for termites, sewer or septic, and well (where relevant)
6 HUD 1 settlement statement - a list of all credits and charges itemized for you and the seller, according to the terms of the contract
At the time of closing, the borrower signs many documents, most significantly a mortgage/deed of trust and a promissory note. These are loan documents granting the lender a lien against the property you’re purchasing as a way of securing your repayment of the loan. The promissory note is the borrower’s legal promise to pay back the loan. The mortgage/deed of trust is the legal instrument recorded in the local office of public records.
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You've found the home you want. You’ve made an offer which the seller has accepted. You've applied for a mortgage, and been approved. Move in day is almost here. There's only one more step - the closing.
The word closing in terms of real estate is the process by which the transfer of property from seller to buyer is finalized. Once your mortgage is approved, a date is set for the closing to take place: called a closing date.
Depending on the state in which the transaction is taking place, the closing process is conducted by one of the following representatives of buyer and seller, respectively.
1 An attorney
2 A real estate broker
3 A lender/loan officer
4 A representative of a title insurance company
5 A representative of an escrow company
In order for a closing to take place, several key items must first be prepared and delivered to the lender in advance
1 Title search and title report
2 Title insurance binder
3 Hazard insurance binder
4 Property survey
5 Inspection certificates - for termites, sewer or septic, and well (where relevant)
6 HUD 1 settlement statement - a list of all credits and charges itemized for you and the seller, according to the terms of the contract
At the time of closing, the borrower signs many documents, most significantly a mortgage/deed of trust and a promissory note. These are loan documents granting the lender a lien against the property you’re purchasing as a way of securing your repayment of the loan. The promissory note is the borrower’s legal promise to pay back the loan. The mortgage/deed of trust is the legal instrument recorded in the local office of public records.
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We need a moderator here. This Individual obviously does not respect the community and the rules and guidelines associated with being a member here.
Marketing1, find another site for advertising.
Marketing1, find another site for advertising.
how is this advertising? its an article, can you read?
btw i think YOU are the one advertising dude i don't add my phone number and url like you do
btw i think YOU are the one advertising dude i don't add my phone number and url like you do
Greg, become active within the community. Answer some questions within the community and you will be of more value to all of us here. Simply posting something you have put together is informative indeed, but this community is really for individuals like yourself to directly communicate with individual consumers about their questions and/or concerns. Rather than doing general postings or articles, apply yourself and you will benefit greatly.
I'm not here to bash anyone. I'm looking to help you and the members of the community.
I'm not here to bash anyone. I'm looking to help you and the members of the community.
Good Article.......
But as the rule I do not know .......
I think jKennedy is right there should be certain rules for writing such Articles in forum.
But as the rule I do not know .......
I think jKennedy is right there should be certain rules for writing such Articles in forum.