Closing on Your Home: What to Expect

The time leading up to the closing purchase of your new home is busy; however, the hardest parts are behind you. Just one more crucial obstacle lies ahead: home closing. This is the time when all parties in the deal make the transaction official. To ensure that you are fully prepared for the day, it’s a good idea to learn what you can expect during the process.

Parties Privy to the Transaction

People who will have to be at the home closing may vary; this depends solely on the state you reside in, but there is a host of characters you should always count on to make an appearance. For example, you should expect the home seller, the Realtor, a title company representative, and a bank representative in the instance that you are relying on external funding.

Title Clearance

Most lenders require that you undertake a title search of all public property records to ensure that there are no pre-existing liens or issues with transferring the property to your name. For this reason, you will need to have your title clearance document during the home closure.

Down Payment

Your disclosure form should indicate exactly how much you should pay as a down payment as well as all of your closing costs. Be sure to ask during the closing period whether you should transfer the funds electronically or bring them with you. Also, carry your checkbook to the closing in case any smaller expenses crop up.

Document Signing

Both the buyer and the seller will be required to sign some documents while transferring the home ownership. You might be required to sign the purchase agreement form, mortgage documents, a promissory form for your credit, the settlement note, title documents, and the lending statement. The lending statement should indicate all the expenses associated with your loan, the amount financed, and your payment timetable. The seller should also sign the settlement note, and more importantly, the home title deed so as to transfer the property’s ownership. Duplicates of these papers should be presented and filed at the county recorder’s office, but be sure to keep some copies for yourself.

There are several steps involved in the closing of a home, but Kay Hightower, your Oxford, MS Realtor

, can answer any questions that might have relating to the process. Contact Kay Hightower today to find your next Oxford, MS home!