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March 18, 2013

Buying or Selling a Home

Basics of Buying a Home

What happens at the closing?

This is the final stage of the purchase. A settlement statement covers all aspects of the sale.

You and your attorney will examine the seller's documents:

  • deed
  • bill of sale
  • sworn statement that there are no liens against the property

You will sign the documents necessary to obtain your mortgage.

You and your attorney will also review closing costs:

  • survey fees
  • title charges
  • fees for recording documents with the proper government bodies
  • state and local taxes on property transfers
  • real estate taxes

The buyer, seller and their attorneys usually attend the closing, which often takes place at the office of the title company. Your loan company will set up the date and location of the closing. Plan to spend several hours there. In most cases, you can move in that day.

>>Under the law, who does the buyer's real estate agent work for?
>>What is an offer?
>>How do I get a mortgage?
>>What is the title search?
>>What happens at the closing?

Practical Law Home | Buying or Selling a Home | *Basics of Buying a Home*
Basics of Selling a Home | Why Real Estate Is Covered By Special Laws | Real Estate Brokers
The Purchase Contract | Financing a Home Purchase | The Closing | The Fair Housing Act
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