closing the deal

Why Should I Buy?    How Much Can I Afford?    PreApprovals    Types Of Loans   
Shopping For A Home    Finding A Realtor    Negotiating    Closing The Deal

Sales Contract  - When you agree with the seller on a sale price, be sure to put all terms in the sales contract, including:

Sale price
Property address and legal description
Amount of earnest money deposit
Down payment amount or percentage
Mortgage terms, including a provision to withdraw from the contract if you don't qualify for those terms with a lender
Terms of seller financing, if any
Assumption of mortgage, if any
Closing details: when and where
Occupancy date
Transfer and recording of deed
List of fixtures to remain, if any
Repairs and inspections the seller accepts to make or perform to satisfy the contract
Explanation of easements
Amount of broker fee and who will pay it
Account where earnest money and down payment will be kept, usually an escrow account
Terms for refunding earnest money
Any pro-rata costs, such as property taxes
Real Estate Settlement Procedures Act

You're days away from taking ownership of your home. The final step is the closing, the process where the many players involved come together to complete the sale. There should be no doubt in your mind as to how much money will be due, who will handle the transaction and when it will be complete.

Generally, the buyer, seller, their respective real estate attorneys, mortgage lender, real estate broker, title insurance representative and escrow agent will be present at the closing.

The Real Estate Settlement Procedures Act is the federal legislation that ensures accurate and timely settlement, including closing costs.