Congratulations.
If you've made it this far, then it means you
are about to receive ownership of your new home.
This is your last chance to request any changes
concerning the terms and conditions of your loan
or resolve any last minute issues with the
seller.
Those likely to
be there with you on closing day may include
some of the following:
Closing
Agent/Escrow Agent
Seller
Attorney's
-- for both sides
Title
Company Representative
The
Seller's Real Estate Agent
The closing
agent conducting the settlement meeting will
ensure that all necessary documents are signed
and escrow fees and other closing fees are paid
for and properly distributed.
Documents to be
signed:
HUD-1
Settlement Statement --
a list detailing all the costs pertaining to
the sale of the home, to be signed by you
and the seller if they are paying some of
the closing costs.
Truth-in-Lending Statement --
this statement outlines the cost of your
loan with the final
annual percentage rate
(APR), and any changes that might have
occurred in the interest rate.
Mortgage
Note --
a legal document stating that you agree to
the terms and conditions and amount of the
loan, and specifies what the lender is
allowed to do if you fail to make payments
Mortgage
Deeds or Trust --
this document secures the mortgage note and
gives your lender legal claim to your home
if you default on your payments.
Certificate of Occupancy --
required if
you are moving into a newly constructed home.
