The Closing Table – What to Know
June 29th, 2009
Categories:Home Buyer Education
Once the contract has been accepted its time to focus on getting across the finish line. Often the anticipation of moving in creates a rush to wrap up the transaction as quickly as possible.
No matter how exciting the finish line may look, it is important to keep in mind the most critical part of the transaction occurs at the closing table. Once you sign the loan documents and record title, the home is yours along with all the responsibilities and any details hidden in the paperwork, which is all too often over looked.
Here is an outline of what is covered in this article:
- Preclosing Procedures -What the buyer and seller need consider and do before closing
- Closing Figures and Fees – What to numbers to look for and double check
- Prorations - And explanation and definitions
- Closing Time – What to expect when it comes time to sign your loan docs and who should be there
- Sample Closing Statement – Get a sneak peak at what you’ll be looking over
- RESPA and Closing - RESPA is on your side and here’s why
- Closing Table Resources – Links to the U.S. Department of Housing
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