We’re Getting Close
Kathy Riggs August 9th, 2009
Welcome back to the continuing journey to the closing table.
If you have been following the blog you know we have taken two trips to the closing table, the first in the buyer’s car and now we are riding along with the seller. Truthfully, we took a two-week break to allow the inspections to be done and repairs to be made. Review my earlier posts to see what hurdles we crossed to get this far.
Back to our journey.
While the inspections are performed and any concerns addressed, the mortgage offer will be attending to details necessary to close the loan. The buyer’s agent will have taken contracts to the attorney and the seller’s agent should make arrangements for the seller to have a deed prepared that transfers the title from the seller to the buyer. Please note the buyer’s attorney coordinates the closing. The seller may elect to have the same attorney prepare the deed or they may choose to have another attorney prepare the deed. All invoices to be paid at closing will be forwarded to the buyer’s attorney. The buyer’s attorney will contact the seller’s mortgage company for the specific payoff amount and all parties involved in the transaction will receive a copy of the HUD-1 or settlement statement prior to closing. Ideally this document should be available one-two days before the closing date. The HUD-1 or settlement statement will itemize receipts and disbursements and show the exact amount the buyer must bring to closing and the seller’s net proceeds.
Closing expenses for a seller include the real estate commission, the deed preparation, revenue stamps and the portion of property taxes from Jan. 1 of the given year through the closing date. Other expenses may include repairs and any of the buyer’s closing expenses the seller agreed to pay according to the Offer to Purchase. Although the closing attorney wall explain the settlement statement at closing, the seller and his or her agent should review it before attending the closing.
On the Lighter Side…
A broker was dismayed when a brand new real estate office much like his own opened up next door and erected a huge sign which read ‘BEST AGENTS.’
He was horrified when another competitor opened up on his right, and announced its arrival with an even larger sign, reading ‘LOWEST COMMISSIONS.’
The broker panicked, until he got an idea. He put the biggest sign of all over his own real estate office. It read: ‘MAIN ENTRANCE’
SHAMELESS PLUG
First time homebuyers, time is running out for the $8,000 tax credit. Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information.
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