Purchasing a home: closing the deal and moving in

Closing day is typically 30 to 45 days from when the Seller and Buyer agreed to terms and signed a final Purchase Agreement. 

In most eastern states the closing is hosted by the Seller’s attorney. The mortgage lender’s attorney is more often the host in south eastern states. Many western states have Escrow Agents or Title Company officers performing the tasks of the closing attorney.

Events between Acceptance of an Offer to Purchase and the closing day are covered under Finishing Details
Items paid by the Buyer and items paid by the Seller are summarized on the Settlement Statement, the Settlement Statement is the main focus of attention on Closing day.Get a copy of the Settlement Statement at least a day before the closing.Review every item with the help of your real estate agent.Demand changes if items the Seller should pay have been charged to the Buyer.

Purchasing a home: closing the deal and moving in

Mortgage Lender’s Attorney

Buying a home is really a transaction between a Seller and a Buyer, and the Mortgage Lender who puts up most of the money.In our example the Buyer put up $31,000 on a $150,000 house. The Mortgage Lender put up $120,000 in the form of a loan to the Buyer To protect his $120,000, the Mortgage Lender wants to make sure papers are filed with the court and everything else about the closing is done properly. Click here for information about cash-out refinance loan for homeowners who want to trade equity for cash from their home.

Escrow Agents and Title Company Officers(closing attorney)

To reduce the cost of selling property, some states specify  the use of Escrow Agents or Title Company officers to handle the functions of a closing attorney.The Escrow Agent or Title Company officer deals with the Seller, the Buyer and his Mortgage lender separately. There need not be an actual “closing day” where Buyer, Seller and Mortgage Lender sit down together. The Escrow Agent or Title Company officer files all documents with the court, performs all other tasks of a Closing Attorney, and delivers a settlement statement to Buyer and Seller.

Benjamin Wright