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Real Estate Closings - How to Seal the Deal
Transferring property title and closing the transfer of ownership of the property must be done correctly with the proper forms to ensure the legality of the transaction and avoid future problems. Having the proper forms for closing title will determine ahead of time the closing costs which are paid by either party, and apportion which expenses, such as homeowner's insurance and property tax at closing, are to be paid by the seller of the buyer. A real estate closing document can also define what happens at the closing if the seller backs out of selling. US Legal Forms has professionally drafted real estate closing statement examples and closing checklist forms to make transfer of ownership of the property simple. Let's look at some of the timing involved and steps involved with the closing date in home purchasing.
Steps Before Property Closing
The seller should provide the following a couple of days before or at a home closing:
- a. Proof that property taxes at closing are paid
- b. Proof that municipal services are paid
- c. Proof that all utilities are paid
- d. Proof that HOA fees are paid
- e. Permission for the buyer to conduct a walk through of the property before closing.
Steps At Closing
- a. The parties execute the property deed
- b. The parties exchange payments according to the purchase agreement
- c. The buyer receives keys and garage openers, if any
Steps After Closing
- a. The property deed is recorded with the land recorder's office
- b. The buyer receives a copy of the recorded deed
- c. The buyer informs the local tax authority of the transfer so that property tax billing can be updated
Some of the other papers you'll see on the closing date include:
- Commitment letter by the mortgage lender
- HUD 1 settlement statement, also called a HUD 1 form or HUD statement
- Title insurance papers
US Legal Forms offers closing statement examples, along with a HUD settlement statement and other essential forms needed for closing property. Our professionally drafted title closing and closing checklist forms help you make sure that closing costs and title transfer go smoothly. The terms addressing closing costs that must be paid by the buyer and remedies if the seller decides to back out can be addressed. By having the closing costs and what happens at closing spelled out, it can reduce the chances the seller will back out of the deal. During the real estate closing process, the property closing costs are apportioned. It's important to clearly define which closing costs are to be paid by the buyer and which are to be paid by the seller.
Some of the closing costs that need to be addressed include:
- Appraisal Fee
- Title Search
- Recording Fees
- Transfer Fees and Taxes
- Inspection Fees
- Homeowner Association Dues
- Attorney Fees
- Property Insurance