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"Closing"
refers to the meeting where ownership of the property is
legally transferred to the buyer. It is a formal meeting
in which most parties involved in the buying/selling
process will attend. Closing procedures are usually held
at the title company's office or lawyer's office. Your
closing officer coordinates the document signing and the
collection and disbursement of funds. A member of The
Greg Gorman Team will always be present at your closing to read the
documents on your behalf, answer any questions, or help
to resolve any last minute or unexpected details that
may come up.
In
order for the closing to go smoothly, each party
involved should bring the necessary documentation and be
prepared to pay any related fees (closing costs). There
may be more than one form of acceptable payment for your
closing costs so ask the closing officer which form of
payment will be required and to whom it should be made
out. Closing costs will generally total an amount equal
to 2 to 3 percent of the total loan value not including
down payment and the buyer's escrow account.
Sellers
sometimes pay for a portion or all of the closing costs,
depending on local market conditions, terms of the
purchase contract, and the seller's cash and timing
considerations. Any such concessions should be
acknowledged in writing. Most lenders will allow a
credit from the seller to the buyer for the
non-recurring closing costs. However, they usually won't
allow a credit that reduces the amount of the buyer's
down payment or any of the buyer's recurring costs, such
as expenses for fire insurance premiums, PMI, or
property taxes.
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