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Buying A Home:
Closing & Possession
The closing table is where
the deal comes together. The contract terms have
been met and there is an exchange of funds for
the property title. I will be there to look out
for your interest.
Common Closing Costs for
Buyers
The lender must disclose a good faith
estimate of all settlement costs. A check to
cover your closing costs will probably have to be
a cashier’s check. The title company or
other entity conducting the closing will tell you
the required amount for:
Downpayment
Loan origination
fees
Points, or loan
discount fees, you pay to receive a lower
interest rate
Appraisal fee
Credit report
Private mortgage
insurance premium
Insurance escrow
for homeowners insurance, if being paid
as part of the mortgage
Property tax
escrow, if being paid as part of the
mortgage. Lenders keep funds for taxes
and insurance in escrow accounts as they
are paid with the mortgage, then pay the
insurance or taxes for you.
Deed recording fees
Title insurance
policy premiums
Survey
Inspection fees—building
inspection, termites, etc.
Notary fees
Prorations for your
share of costs, such as utility bills and
property taxes
What to Keep From Your
Closing:
The Real Estate
Settlement Procedures Act (RESPA)
statement. This form, sometimes called a
HUD 1 statement, itemizes all the costs
associated with the closing. You’ll
need this for income tax purposes and
when you sell the home.
The Truth in
Lending Statement summarizes the terms of
your mortgage loan.
The mortgage and
the note (two pieces of paper) spell out
the legal terms of your mortgage
obligation and the agreed-upon repayment
terms.
The deed transfers
ownership of the property to you.
Affidavits swearing
to various statements by either party.
For example, the sellers will often sign
an affidavit stating that they have not
incurred any liens on the property.
Riders are
amendments to the sales contract that
affect your rights. For example, if you
buy a condominium, you may have a rider
outline the condo association’s
rules and restrictions.
Insurance policies
provide a record and proof of your
coverage.
After the closing your
title is recorded with the county and you can
move into your new home!
Tips for Packing Like a Pro
Develop a master
"to do" list so you won’t
forget something critical.
Sort and get rid of
things you no longer want or need. Have a
garage sale, donate to a charity, or
recycle.
Don’t throw
out everything. If your inclination is to
just toss it, ask yourself how frequently
you use an item and how you’d feel
if you no longer had it.
Pack like items
together. Put toys with toys, kitchen
utensils with kitchen utensils.
Decide what if
anything you plan to move yourself.
Precious items, such as family photos,
valuable breakables, or must-haves during
the move, should probably stay with you.
Use the right box
for the item. Loose items encourage
breakage.
Put heavy items in
small boxes so they’re easier to
lift. Keep weight under 50 lbs. if
possible.
Don’t over-pack
boxes and increase the chances they will
break.
Wrap every fragile
item separately and pad bottom and sides
of boxes.
Label every box on
all sides. You never know how they’ll
be stacked and you don’t want to
have to move other boxes aside to find
out what’s there.
Use color-coded
labels to indicate which room each item
should go in. Color-code a floor plan for
your new house to help movers.
Keep your moving
documents together, including phone
numbers, driver’s name, and van
number. Also keep your address book handy.
Back up your
computer files before moving your
computer.
Inspect each box
and all furniture for damage as soon as
it arrives.
Remember, most
movers won’t take plants.
Return to Buying/Selling Tips
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James E.
Bohne, Jr., REALTOR®
Mobile: (801) 791-9579
Office: (801) 476-9500
Fax: (801) 476-9581
E-mail: j.e.bohne@att.net |
Crest
Realty Inc.
Equal Housing Opportunity.
Equal Opportunity Employer. |
Copyright © 2005,
James E. Bohne, Jr., All Rights Reserved
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