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April 10, 2012

Buying or Selling a Home

The Closing

What is the closing statement?

Before the closing, the parties and their lawyers will review all documents to see that everyone is fulfilling all conditions and promises of the contract. A closing statement or settlement sheet is prepared, fully listing the financial aspects of the closing. The Real Estate Settlement Procedures Act (RESPA) will apply in any transaction in which a buyer is obtaining a federally insured mortgage from a financial institution. This requires use of a settlement sheet developed by the Department of Housing and Urban Development. In other closings in which the buyer is not obtaining a mortgage, another form of settlement sheet is usually prepared.

>>What happens at the closing?
>>What is the closing statement?
>>What are some of the key documents signed at the closing?
>>What are some financial aspects of the closing?
>>What are some typical closing costs?
>>There can’t possibly be any more closing fees, can there?

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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