Closing

The final walk-through is usually scheduled within 24 hours of the closing/settlement. The final walk through gives you one last opportunity to make sure that the home you are purchasing is in the condition that you and the seller mutually agreed to in the sales contract.

If the walk-through uncovers a major deficiency, your Exclusive Buy Side Realtor Associate® will inform the seller’s representative. If the seller accepts responsibility, money for the repairs can be allocated to you at the closing/settlement. If the seller does not agree to the repairs, your Exclusive Buy Side Realtor Associate® will act as the go-between to help you and the seller reach a satisfactory compromise so that the closing is not delayed.

When the closing/settlement day arrives, be sure to bring:Prepare For Closing

  1. A verified bank/certified/ or Cashiers  check for the closing/settlement costs for the exact amount your lender and/or attorney requests.
  2. A Homeowner’s Insurance Binder or Policy
  3. Photo identification
  4. Your checkbook for any miscellaneous costs  and/or adjustments that may arise

What exactly Happens at the Closing?
You will sign the final loan, purchase, and closing documents. You will be informed of any final monetary adjustments for property taxes, utilities and the like. The seller and/or sellers lenders will be paid, and you will ownership documents and keys to the home.

HUD-1 Settlement Statement
The HUD-1 Settlement Statement is a  legal document that itemize each service provided and details charges to the buyer and the seller. The escrow agent and/or Lawyer will renew the preliminary HUD-1 form with you at least 24 hours before the  closing meeting, so you know your approximate closing costs in advance. A blank HUD-1 form can be viewed here; Sample HUD Form.