Buyers tip of the week in Gainesville Florida!!!!


homebuyer-haeader

 

 

Frequently-Asked-Questions About Closing:

WHAT IS CLOSING?
Closing (also called settlement) is the legal transfer of
property ownership. Usually, but not always, possession
is transferred at closing. Sometimes the seller may ask to
close the sale but retain possession, and pay rent to the
buyer until vacating the property at a later date.

WHO ATTENDS CLOSINGS?
Face-to-face closings are common in most states,
although a few states do not require them. Your ABR®
can provide details for your situation. The participants
usually include:
• You, the buyer.
• The seller.
• The real estate agents representing the buyer(s)
and seller(s).
• Attorneys for the buyer(s) and seller(s).
• The closing agent, the title insurance representative,
and the escrow agent. Often one person fulfills all
three roles, coordinating and recording the exchange
of the documents and money, disbursing funds, and
handling various closing details.

WHERE IS CLOSING HELD?
Closings are usually held at a title company’s office.
Their job is to confirm the current legal owner of the
property, reveal any mortgages, liens, judgments
or unpaid taxes on the property, and identify any
restrictions that may affect the sale of the property.
Any problems need to be corrected before a buyer can
receive “good title.”

WHAT DO I NEED TO BRING?
Your ABR® can advise you on what you’ll need to bring
to closing, but typically buyers must provide:
• Payment of closing costs
• Proof of insurance
• Approval of inspections of the property

WHAT HAPPENS AT CLOSING?
You’ll sign many documents. Rely on your buyer’s
rep and your attorney to review these documents and
answer any questions you may have. Frequently-used
documents include:
Closing statement (HUD-1) – details all funds changing
hands between the buyer and seller
Truth in Lending statement – a final summary of the
terms of your loan
Mortgage note – a legal obligation to repay the lender
according to stated terms
Deed of trust – the legal transfer of ownership; gives the
lender a claim against your home if you fail to meet the
terms of the mortgage note
Affidavits – any binding statements by the buyer
or seller
Riders – any contract amendments that impact
your rights
Any additional documents required in your state.

Once all documents are signed and all monies have
been paid, possession is transferred and you receive
the keys to your new home. Be sure to keep your
closing documents in a safe place for future reference.
Some of the expenses associated with your home
purchase are tax-deductible.

 

As  always enjoy!

Laura A Goldberg  REALTOR ABR,GRI,SFR,BPOR, SRES, E-pro,RSPS,MRP                MRP_CMYK

Classic Properties Realty

Cell/Text  352-327-2997

Fax: 866-591-3002 toll free

Email:Gainesvillerealestate@yahoo.com

Email: Gainesvillebuyerpro@gmail.com                         abr1

Web/Blog http://www.lifeingainesvilleflorida.com

I am passionate about Real Estate !!

c21w

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Laura Goldberg REALTOR GRI,ABR,SFR,RSPS,SRES,

1-352-327-2997 call or text
7 days a week!!! 9-?
Email me: Gainesvillerealestate@yahoo.com

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