The mortgage loan closing (or settlement) is the final step
to transferring ownership of your house to the home buyer.
Even though the purchase contract has been signed and the
homebuyer's loan request has been approved, the homebuyer
has no rights to the property, including access, until the
legal title to the property is transferred to the buyer and
the loan is closed.
Every area of the country has its own unique closing
customs. Your REALTOR® can guide you through this process
and make sure everything flows together smoothly.
At closing, you will execute the deed to the property, and
the homebuyer will sign the mortgage loan documents, and the
closing agent will record the necessary instruments to give
the buyer legal ownership of the property.
Closing costs must also be paid. Closing costs vary widely
depending on the home’s price tag, location and other
factors. Overall, the costs will probably be between 1 and 3
percent of the sales price.
There are standard documents and exhibits that are commonly
required for a loan closing. Some of these will be your
responsibility. Some of these will be the responsibility of
other parties to the transaction, such as the homebuyer and
lender.
|
|
See also:
|
