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What Happens on the Day of Closing?

What Happens on the Day of Closing?

What Happens on the Day of Closing?

On the day of closing the buyer and the seller are at the end point of the journey for buying/selling a home.  There will be a number of documents for both parties to sign.  At this point the background title search will also have been completed, the mortgage loan (if being used to make the purchase) being given clear to close and any down payments (or payments from the seller) must be made.  This article explores in depth what happens on closing day so both the buyer and the seller of a home can be prepared.

Buyer Closing with a Mortgage

Once the mortgage lender gives the buyer clear to close on the loan the actual closing can be scheduled and is usually scheduled by the title company.  The mortgage lender will typically send the funds to the title company ahead of the actual closing time.  Once all parties have signed their documents and the lender has gotten and approved of their required documents then the title company will be given authorization to release the funds to all parties as required by the contracts.

The buyer and the seller can meet at the closing table if their schedule permits.  Closings can be done separately though with the buyer and seller signing separately at their own time and even in different locations.  Not until both parties sign though is the transaction considered closed.  The seller will not be able to get their proceeds check, nor will any of the real estate agents be able to pick up their commission check until both the seller and the buyer have signed their documents and provided their payments.

Typically, it is the buyer who must bring money to the closing table...

Common Real Estate Myths

Common Real Estate Myths

Common Real Estate Myths To Know About

Myths about real estate and homeownership have been around for a long time.  These myths are passed along sometimes as common knowledge but when taking a little closer look, the facts do come to light.  Check out some of the common myths and the reality of the situation in this article below.

Myth: Home Buyers Don’t Need a Mortgage Pre-approval Prior To Seeing Homes

With a home being one of the most expense purchases made in one’s lifetime, not knowing ahead of time the amount of money they can borrow to buy a home can lead to great frustration.  Seeing a house that a buyer truly loves only to then find out it is out of their price range means a lot of wasted time and wasted effort.  A mortgage pre-approval is an easy process providing the home buyer has all their paperwork ready to give to the mortgage lender.  By getting a pre-approval ahead of time not only does the buyer learn the amount of mortgage they can get but other issues can be taken care of if they do pop up before any offer is made.  Things like correcting credit report errors or simply paying down certain accounts the buyer can get a better interest rate and better terms which leads to big long-term savings.  

As part of the mortgage pre-approval process the buyer will learn how much money they will need to bring down when purchasing a home based on the mortgage type.  Sometimes this can be a large number (depends on mortgage type) and the buyer may not have all that cash ready to put down towards a downpayment.  Which means if they do find a home...

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