What will happen on closing day?
A. 1. The lender’s agent will ask for your paid home insurance policy. 2. The agent will list the adjustments. These include the money you owe the seller (the remainder of the down payment; prepaid taxes) and what the seller owes you (unpaid taxes; prepaid rent). 3. You will sign the mortgage. This gives the lender legal rights to the property if you don’t make your payments. 4. You will sign the mortgage note (the promise to repay the loan in regular monthly payments). 5. You will get title from the seller in the form of a signed deed. 6. The lender’s agent will collect the closing costs from you and give you a settlement statement of all the items you have paid for. 7. The deed and mortgage will be recorded in the town or county Registry of Deeds.
Prior to taking possession of your new home, you will attend the “closing” meeting, usually with buyers, sellers, attorneys for both parties and the listing and selling sales associates present. Your attorney will explain all legal documents, including the deed of trust or mortgage before you are asked to sign. You will be asked to remit any outstanding balance of the down payment, mortgage interest and unremitted closing costs with a certified or cashier’s check. You will receive title to the property, which will then be recorded, and keys.
The lender’s agent will ask for your paid home insurance policy. The agent will list the adjustments. These include the money you owe the seller (the remainder of the down payment, prepaid taxes) and what the seller owes you (unpaid taxes, prepaid rent). You will sign the mortgage. This gives the lender legal rights to the property if you don’t make your payments. You will sign the mortgage note, the promise to repay the loan in regular monthly payments. You will get title from the seller in the form of a signed deed. The lender’s agent will collect the closing costs from you and give you a settlement statement of all the items you have paid for. The deed and mortgage will be recorded in the town or county Registry of Deeds.
The lender’s agent will ask for your paid home insurance policy. The closing agent will list the adjustments. These include the money you owe the seller (the remainder of the down payment, prepaid taxes) and what the seller owes you (unpaid taxes, prepaid rent). You will sign the mortgage. This gives the lender legal right to the property if you don’t make your payments. You will sign the mortgage note, the promise to repay the loan in regular monthly payments. You will get title from the seller in the form of a signed deed. The lender’s agent will collect the closing costs from you and give you a settlement statement of all the items you have paid for. The deed and mortgage will be recorded in the town or county Registry of Deeds.
