| Buying a Home - Closing day
Buying
a Home - What can I expect on closing day?
You'll
present your paid homeowner's insurance policy or a binder and receipt
showing that the premium has been paid. The closing agent will then list
the money you owe the seller (remainder of down payment, prepaid taxes,
etc.) and then the money the seller owes you (unpaid taxes and prepaid
rent, if applicable). The seller will provide proofs of any inspection,
warranties, etc.
Once
you're sure you understand all the documentation, you'll sign the
mortgage, agreeing that if you don't make payments the mortgage lender is
entitled to sell your property and apply the sale price against the amount
you owe plus expenses. You'll also sign a mortgage note, promising to
repay the loan. The seller will give you the title to the house in the
form of a signed deed.
You'll pay the lender's agent all closing costs
and, in turn, he or she will provide you with a settlement statement of
all the items for which you have paid. The deed and mortgage will then be
recorded in the state Registry of Deeds.
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