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The Basics on the Buyers Closing Process

We are asked by most of our clients about what to expect during the closing process. Here is a brief summary of the closing process. 

Closing day has arrived so what can you expect for the buyers closing process? Before today, your agreement was “executory”, meaning it was waiting for all parties to complete any and all actions required by the agreement.  However, today the seller and you will “execute” the transaction by signing the papers officially and ownership of the property will be transferred to you.

It’s also your opportunity to review and make sure that all parties have held up their end of the bargain. The Webb Real Estate Team strives for excellence by using the best practices of getting you to closing table by trying to ensure everything has been completed 2-3 days prior to closing.

However, as with anything there could be issues that arise the day of closing.  So come prepared the day before closing by reviewing all of the paperwork you have received throughout the entire home buying process - good faith estimate from lender; purchase and sale contract documents; proof of homeowners insurance; home appraisal; and inspection report. You may need to refer to these documents at closing. 

Most purchase and sale contracts entitle you to a walk-through inspection of the property 24-48 hours before closing. This is to ensure that the seller has vacated the property and left it in the condition specified in the sales contract. If there are any major problems, you can ask to delay the closing or request that the seller deposit money into an escrow account to cover the necessary repairs.

The closing table…

Usually the following parties will generally be present at the closing table:

  • Closing Attorney, sometimes called the closing agent usually representing you or the lender.
  • Home seller;
  • The listing agent;
  • You the buyer; and
  • The buyer’s agent.

At closing, your participation will be two-fold:

  • Sign legal documents. This falls into two categories: the agreement between you and your lender regarding the terms and conditions of the mortgage and the agreement between you and the seller transferring ownership of the property. Be sure to read all documents carefully before signing them, and do not sign forms with blank lines or spaces.
  • Pay closing costs and the down payment. Borrowers handle the numerous fees associated with obtaining a mortgage and transferring property ownership in several different ways depending on the Agreement and what mortgage lender will require you to pay.  Some of these fees may be out-of-pocket fees paid at closing.  These funds will need to be “Certified Funds” and if possible should have been wired to the Attorney’s office prior to closing day.

The closing Attorney conducts the closing and makes sure that all documents are signed and recorded and that closing fees and escrow payments are paid and properly distributed.

Closing Documents…

At this point, you will receive the following important documents:

  • HUD-1 settlement statement: A detailed list of all costs related to the sale of the home. Both you and the seller (who may be paying some of the closing costs) sign it. Borrowers should compare their HUD-1 statements against their good faith estimate to see if the actual closing costs differ significantly from the closing costs estimated by their lenders earlier. By law, you have the right to review this document 24 hours before closing, and you may want to so you have some additional time to clear up any mistakes and resolve problems.
  • Final Truth in Lending Statement (TILS): You received the first version of this statement after applying for your mortgage. This final version outlines the cost of your loan and APR and takes into account any modifications made to your rate, points, etc., between application and closing. Make sure that everything is in order.
  • Mortgage note: This document states your promise to repay the mortgage. It indicates the amount and terms of the loan, and what the lender can do if you fail to make payments.
  • Deed: This document provides ownership to you of the property and is filed with the County by the closing Attorney shortly after closing.
  • Security Deed of Trust: This document secures the note and gives your lender Deed to the property if you fail to live up to the terms of the mortgage note.
  • Certificate of Occupancy: If you are buying a newly constructed house, you need this legal document to move in.

Once you’ve reviewed and signed all closing documents, the house keys are yours and you will have successfully purchased your new home!

 Let The Webb Real Estate Team guide you through this entire process. We will ensure you receive the best service in industry!  Contact us at or 678-445-7369. Visit us at


Published Tuesday, January 28, 2014 6:56 AM by ROGER WEBB & THE WEBB REAL ESTATE TEAM


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