What to Expect at Closing

When you've found the home of your dreams and your offer has been accepted, the only thing between you and a key to the front door is the closing. The closing is the final stage of a real estate transaction. Typically those gathered around the table will include you (the buyer) and your agent, the seller and his agent, and a title agent who represents the financial parties involved. Generally chosen by the seller, the title agent directs the closing. His duties include:

• Review all paperwork with each party.
• Transfer money and documents from one party to another.
• Collect and disperse money for the lenders.
• Properly record all documents.

Before the closing, your real estate agent and lender should each give you a list of documents and checks you need to bring with you, as well as a list of items you'll can expect to receive. To prepare for the closing you should:

• Review your loan terms and purchase agreement. Your realtor can explain these documents to you and answer your questions.
• Conduct a final walk-through inspection of your new home to make sure that all agreed repairs have been made and that no items listed in your agreement have been changed or removed from the home.
• Collect the appropriate documents.
• Obtain certified or cashier's checks from the bank in the amounts specified. Personal checks are usually not accepted at a closing.

At the closing you'll be given several documents to read and sign including the settlement statement which details charges to each side, a truth-in-lending statement that states the annual percentage rate of your loan and other terms and conditions, the mortgage note and the deed. You will also need to pay the closing costs, down payment and escrow payment for taxes and home insurance. Closing costs generally run 2% to 6% of the mortgage loan amount and include:

• appraisal fee
• title search
• credit reports
• transfer taxes
• mortgage points and other fees

When you work with realtor John Day, your closing day will go smoothly. A veteran of hundreds of closings, John is familiar with all the little problems that can arise -- and how to avoid them. His experience and attention to detail ensure that your closing will be problem-free. The only thing you'll need to worry about is remembering to bring the champagne!

If you're buying or selling a home in Maryland or the Washington DC metro area, give realtor John Day a call. Visit John's website to view the latest listings and read helpful articles for both buyers and sellers. If you're buying or selling a home, realtor John Day is your key to success.