Closing Day

Vision Realty, REALTORS®
Believing in the American Dream of Home Ownership.

Closing Day Has Finally Arrived!

Just prior to closing your Realtor should have received copies of many of the documents involved in the closing process. The Realtor will review these documents with you, i.e., the title commitment to insure the title to the property. Should their be some unusual items in the title commitment, the you as a Buyer may notice the Seller of these items and request that these items be cured prior to closing.

Your Realtor will probably have received a copy of the Settlement Statement and will review these items with you. You will then be asked to make certain that you supply a cashier's check in the amount of dollars required on your part to close the transaction or these funds may be wired into the closing trust account.

The closing process is increasingly computerized and automated. In many cases, buyers and sellers do not need to attend a specific event; signed paperwork can be sent to the closing agent via overnight delivery.

At closing, transfer taxes must be paid and other claims must be settled (including closing costs, legal fees and adjustments). In most transactions, the closing agent also completes the paperwork need to record the loan.

Closing is a brief process where all of the necessary paperwork needed to complete the transaction is signed. Closing is typically held in an office setting, sometimes both buyer and seller are present, sometimes with each party completing their papers separately.

Whatever the case, the results is that title to the property is transferred from seller to buyer. The buyer owns the home and the seller receives his money for the home. Deeds, loan papers, and other documents are prepared, signed and filed with the local property record office.

What do you need to do?

The buyer and seller need to do very little during this process.

Before closing, buyers typically have a final opportunity to walk through the property to assure that its condition has not materially changed since the sale agreement was signed. At closing itself, all papers have been prepared by closing agents, title companies, lenders and lawyers. This paperwork reflects the sale agreement and allows all parties to the transaction to verify their interests. For example, buyers get the title to the property, lenders have their loans recorded in the public records and state governments collect their transfer tax. (Revenue Stamps)

The Main Items!

You need

þ Certified funds for the balance of your down payment.
þ You need your Hazard Insurance Binder.
þ You need to complete your final walk-through.

Remember,
we're here to guide you through the home buying process!
That's what we're trained to do best!

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Vision Realty in Mena Arkansas, REALTORS®
500 Mena Street, P O Box 192, Mena, AR 71953
479-394-1111 ~ Fax: 479-394-0003 ~ Copyright 2001 through 2008
01/02/08 01:41 AM