Also known as "settlement" or "escrow," closing is the day home buyers officially take ownership of a home. Here’s what to expect from the closing process.
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Buying a house is a series of negotiations, the first of which is with the seller. Negotiating a purchase price for the home that you can afford will go a long way to helping you reduce your closing costs, since many of the closing costs are associated with the purchase price of the home.
Closing is when the house buyer and seller fulfill all of the agreements made in the sales contract. In more literal terms, it is about the transfer of money and documents so that you, the seller, can transfer ownership and possession of the property free and clear to the buyer.
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Closing documents. It indicates the amount and terms of the loan and what the lender can do if you fail to make payments. Mortgage or deed of trust. This document secures the note and gives your lender a claim against the home if you fail to live up to the terms of the mortgage note. Certificate of occupancy.
If you want to know how to buy a house, look no further-we've detailed the 10 big steps you'll need to take to get to close.
After you finish signing at the closing of your new house, you’re handed the keys and the house is officially yours. But there some things you should do to make sure your transition from your old place to your new address goes as smoothly as possible.
Closing costs explained. In addition to the down payment, you’ll also have to pay closing costs – miscellaneous fees charged by those involved with the home sale (such as your lender for processing the loan, the title company for handling the paperwork, a land surveyor, local government offices for recording the deed, etc.).
The cost of a loan to the borrower, expressed as a percentage of the loan amount and paid over a specific period of time. Unlike an interest rate, the APR factors in charges or fees (such as mortgage insurance, most closing costs, discount points and loan origination fees) to reflect the total cost of the loan.