It’s finally here. The day you’ve been anticipating since you purchased your new Marvida home — closing. Also known as the settlement, it involves the transfer of ownership from the seller to the buyer. Here’s what you can generally expect at a home closing.
Before you close on your home, your builder will schedule a final walk-through. This is your chance to ensure there are no structural issues with the home and everything is as it was agreed upon in your contract.
Where to Go and When
The closing date and location will be specified in the purchase agreement. The closing typically takes place at the office of a title company, escrow agent or attorney.
Who Will Be There
In addition to yourself, participants in the closing typically include a builder representative, real estate agents representing both parties, a closing agent (often from a title company or escrow company) and possibly attorneys for both sides.
What Will You Do?
You’ll be presented with several important documents to review and sign. These may include the closing disclosure, the loan estimate, the promissory note, the deed of trust or mortgage and the property deed.
Bring Your Checkbook
You are required to pay your closing costs at this time. Sometimes the funds can be transferred electronically, or you may need a cashier’s check. Many Lago Mar builders offer incentives that reduce or eliminate closing costs. Check with them. Closing costs usually include fees for loan origination, appraisal, title insurance, attorney fees and more. The closing agent will provide a breakdown of these costs for your review and payment.
Time to Sign
Both the buyer and seller will sign the necessary documents to transfer ownership of the property. This includes the deed, which officially transfers the property from the seller to the buyer.
Pick Up the Keys
You will receive the keys to the property and copies of all signed documents, including the settlement statement and the closing disclosure.
Other Things to Know
The closing agent is responsible for disbursing funds appropriately. The closing agent also verifies that property taxes and utilities are paid up to the closing date. Once all documents are signed and funds are distributed, the closing agent will ensure that the deed is recorded with the appropriate government office. This officially transfers ownership of the property.
Keep in Mind
The specific details of a home closing can vary depending on the location, the professionals involved and the terms negotiated in the purchase agreement. It’s essential to carefully review all documents, ask questions and ensure that you understand the terms before signing.