Closing Day!
Kathy Riggs August 16th, 2009
All right, the seller is about to go to the closing table!
If you have been riding along with with this series you know we have been driving to the closing table in the seller’s car.
The house was placed on the market, the Realtor advertised and the seller finally received an acceptable offer. Inspections were done and repairs were made. The buyer’s loan has received final approval and everyone is ready to go.
The lender will send a loan package to the buyer’s attorney and the settlement statement is prepared. The settlement statement, called the HUD-1 will itemize receipts and disbursements.
Seller’s don’t always have to attend a closing. The deed can be prepared in advance and they can give their agent a limited Power of Attorney to sign the settlement statement. If the seller does attend the closing, the attorneys can accommodate them by allowing them to sign documents before the buyers begin signing a mountain of loan documents.
Once all parties have signed everything, the attorney or paralegal will take the deed to the Register of Deeds office in the county where the property is situated. (Generally closings are held in the same county.) Once the deed is recorded, the buyers are the new owners and the sellers (and Realtors!) can receive their checks. If the sellers owed a balance on their mortgage, the payoff will be handled by the attorney. After what can be months of waiting for a buyer and four to six weeks from contract to closing, both buyer and seller should walk away from closing happy that the property has changed hands.
On the Lighter Side…
Heard on a late night talk show..Do you know why real estate agents are short? They make the house look larger.
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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