Steps prior to close of escrow

Prior to the closing day you will present your receipt for the homeowners insurance policy
to the lender and escrow officer.

Then the closing agent will detail how much the buyer and seller owe to each other
(based on different expenses like prepaid taxes, down payment, unpaid taxes,
inspection charges etc).

Then comes the time to sign the contract, where you sign the mortgage and agree that if
you do not make the payment, the lender can foreclose on the property. The buyer will then
receive the title to the house from the seller. This title will be in the form of a signed deed.
The deed and mortgage then have to be recorded in public records, which are the state/county
registry of deeds and recording you as the homeowner.

Here is a list of steps that need to be completed for the close:
Note: The details of closing, including what documents and fees are required, who
conducts the meeting, and even who attends the meeting vary a great deal from state to
state.

THE LISTING AGENT (SELLERS SIDE)
Coordinate repairs and coordinate the repair process
Provide complete disclosures to the buyer
Sign-off documents

THE BUYER’S AGENT AND/OR LOAN/ESCROW OFFICER
Schedule the appraisal and inspections
Attend the appraisal
Attend the inspection
Review all the property paperwork
Sign-off
Walk through: This is where the buyer completes a physical inspection of the
property to ensure that the repairs have been completed.

Understanding Closing Costs
Closing costs will differ in different locations and counties. These costs are typically
between 3 and 5 % of your loan amount and encompass the following categories:
lenders fees (all expenses relating to the loan process), escrow, external party fees (all
expenses paid to skilled/certified professionals like appraisers, contractors, certifiers and
insurance professionals), Government or Public fees (towards taxes, deeds and related
paperwork and recording information).