What to expect at closing
This is it, the day you close on your new home! All parties will sign the papers officially closing the deal and ownership of the property.
Be sure to gather all of the paperwork you have received throughout the home-buying process the day before closing: good faith estimate, contract, proof of title search and insurance if necessary, flood certification, proof of homeowners and private mortgage insurance, home appraisal and inspection reports. We suggest this because you may need to refer to these documents at the closing.
We've also provided a sample of what your closing costs might be at the bottom of this page. Please let us know if you have any questions. We are happy to help!
What do you need to do prior to your closing?
- Comply with all lender requirements for approval of your mortgage.
- Determine your homeowner's (hazard and fire) insurance needs
- Confirm loss payee clause with lender
- Contact your insurance agent to determine coverage needed
- Secure an original insurance certificate and a one year paid receipt
- Call your closing coordinator with premium amount and insurance Agents name and phone number
- Contact utility and cable companies
- Contact your closing coordinator for special arrangements if al parties cannot be present at closing
What do you need to bring to your closing?
- Certified or Cashier's check payable to Superior Title Insurance Agency II, LLC. for the amount due at closing (contact your closing coordinator if you wish to wire your closing amount to our escrow account)
- Photo identification (driver's license or passport)
- For notary purposes
- Social Security numbers
- Closing conditions and any special documentation required by your lender
What you can expect to happen at your closing
- Escrow officer will collect all your lender requirements
- Final settlement statement will be reviewed and signed
- Closing documents will be reviewed, signed and notarized
- Information on homestead exemption will be provided
- Funds are collected and disbursed
- Keys, garage door opener(s) and other property information will be exchanged
What are the benefits of a Superior Title Insurance Agency owner's title insurance policy?
- Protection for as long as you or your heirs own the property
- Coverage's that insure the past
- Reduced title premium fees if you should refinance (no time limit) or sell your property within 3 years of purchase
What are some of the risks the Superior Title Insurance Agency owner's policy covers?
- Claims by someone who has a hidden interest in your property
- Documents which are not prepared, signed, acknowledged, delivered or recorded properly
- Forgery, fraud, duress, incompetence, incapacity or impersonation
- Unmarketable title, which allows someone else to refuse to perform on a contract to purchase, lease or make a mortgage loan
- Liens recorded against the property during previous ownership
Sample Closing Costs
This list includes many typical closing costs and is intended to be viewed as sample information only. Some states and counties implement and divide costs differently among buyers and sellers. Most of the typical closing costs are listed below, however, other costs not listed here may apply to your particular situation.
Sample Closing Costs
In addition to the following charges, there are several miscellaneous charges you may find on your closing statement. You need to inspect these charges carefully and make sure the services were provided before you pay for it.
The seller will have to pay commission fees to the real estate agents representing both the buyer and seller.
- PROPERTY TAXES
The seller is responsible for the payment of property taxes until the last day of ownership.
- HOMEOWNER'S INSURANCE
The buyer is responsible for purchasing a homeowner's policy prior to the close of escrow.
- ASSESSMENT AND LIENS
Any assessments or liens on the property need to be paid and/or resolved before the close of escrow. Examples include tax liens or judgments, etc. This is the seller's responsibility.
- TITLE INSURANCE
The financial responsibility for title insurance varies from county to county. In some areas the buyer is responsible and some areas the seller is responsible. Also, the buyer and seller may agree to a 50/50 split. Check with your real estate professional.
- ESCROW SERVICES
Like title insurance, the financial responsibility for escrow services varies from area to area. Check with your real estate professional.
Responsibility for the following fees may be negotiable when you open escrow. Once again, these costs may or may not apply to your specific situation. Be sure to consult your real estate professional for details.
- PROPERTY INSPECTION FEES
- TERMITE INSPECTION
- TERMITE REMOVAL COSTS
- DOCUMENT PREPARATION FEES
- DEED RECORDING CHARGES
- LOAN ASSUMPTION FEES
- HOME WARRANTY
- UTILITY ADJUSTMENTS