The closing date is typically 30 to 45 days from the date the Seller and Buyer agreed to terms and signed a real estate sales contract.
In most states the closing is hosted by the Seller's attorney, in others, the lender's attorney handles the closing. An increasing number of states stipulate the use of an Escrow Agent or Title Company to handle the closing. The Seller and Buyer seldom have their own attorneys when an Escrow Agent or Title Company officer acts as the closing attorney.
The Closing attorney prepares a Settlement Statement detailing:
Moneys Received. Together the following three items should at least equal the agreed selling price.
- Lending institution's check for the new mortgage amount
- Buyer's check for the down payment
- Buyer's binder or earnest money deposit
Moneys Paid out
- Outstanding balance on the Seller's current mortgage
- Fees to real estate agents, if any
- Closing costs (see Settlement Statement).
Cash to the Seller (this is what you get to keep).
Be sure to bring your driver's license or other proof of identity. Also, bring the real estate deed which will be transferred to the buyer, and a termite letter if one is required in your state.
Often there is money left over in your mortgage escrow account. You will not receive this money at closing, but a check will be sent to you some time after closing.
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