The ClosingClosing on your Bedford, Lynchburg or Campbell County VA home. Usually this is held at a Title Company or in Attorney’s office. its called a closing as this is the time when you take ownership of your property and the transaction is closed. Selection of a company is very important. While its very rare something will go wrong, if something does, you want to be able to call the same Attorney for help. Different attorneys charge different fees, knowing you have support if something goes wrong, is by far more important than saving a fee dollars. Ask your New Home Team real estate agent which closing attorney they recommend.
There are many variables during the closing, based on your situation (loan/ cash, conventional/FHA). if your paying cash, its a very simple transaction and it only takes a few minutes. if your getting an FHA mortgage than you will have a stack of documents to sign, many of them in duplicate or triplicate form.
The closing Attorney will do a great deal of work before you get there, they work with your lender to ensure everything is perfect. They take care of insurance, terms of the loan, pay off any outstanding bills (like termite inspection).
One of the most important documents you will have to sign is called a closing disclosure or settlement statement. This document breaks down the costs and fees of the transaction. Review this document carefully to make sure everything is correct and nothing was left off of it.
After everything is completed, the transaction is recorded in the County Courthouse.
If you have questions, call your New Home Team Realtor for advice and more information.
Step one- Get Prequalified
Finding the Right Home
Making an Offer
Under contract, now what happens?