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Showing posts from September 8, 2007

WHAT TO EXPECT AT CLOSING

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In an instance where the real estate transaction is a cash deal (cash closing)। The transaction can be consummated by executing a handful of documents such as a Settlement Statement, Seller’s and Purchaser’s Affidavits, and Transfer Tax Form। However: a transaction which the buyer takes out a mortgage can require execution of many more documents. These documents will be prepared by the closing attorney’s office and Lender. The documents furnished by the Lender will include Federal, State, and a host of others ranging forms including various affidavits to taxes. The following is a list of typical documents found in a loan package at the closing. Keep in mind that that this list is not conclusive. Each loan is unique. So, documents may vary somewhat according to the type of loan a buyer is getting. Pertain to the buyer(s) HUD-1 Settlement Statement: Developed by the U.S. Department of Housing and Urban Development, this document itemizes the services provided, fees, and charges associated…