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The Documents Involved in Your Real Estate Closing
The Documents Involved in Your Real Estate Closing

A Real Estate Closing largely consists of signing documents and transferring funds. Being familiar with the documents involved in the Closing will help you to know what to expect. Here is a general overview of those documents:

 

HUD-1 Settlement Sheet: The HUD lists all of the services to and costs owed by both the buyers and sellers. This document is usually reviewed before the actual Closing so that you are prepared in advance to handle your closing costs.

 

Truth-in-Lending Statement: The buyers’ lender should have provided this document to the buyers before the Closing. Because the APR of your mortgage can change at the time of Closing, it is important to have it prior to the meeting.

 

Promissory Note: The Note is the buyers’ promise to the lender to repay the loan according to the terms of the mortgage and details the penalties that result at any failure to fulfill the obligations of the mortgage.

 

Mortgage: While you receive possession of the property at the time of Closing, the lender also gains an ownership interest (an encumbrance). The mortgage secures the legal rights of the lender.

 

Affidavits: Various affidavits might be signed by both the buyers and sellers that verify terms of the contract, such as necessary improvements to the property being made by the sellers prior to Closing.

 

Deed: After the sellers sign the Deed, ownership is transferred to the buyers. After the Closing, the closing agent or attorney will record the Deed at the proper government office.

 

Costs: Various costs are involved in a Real Estate Closing. These costs include the filing of official documents, attorney’s fees, taxes, title research, etc.

 

Purchasing real property is a complicated process that involves many documents. If you are planning to purchase or to sell a home, call Ross & Ross at (814) 274-8612 to let us do the heavy lifting.

From offices in Coudersport, Potter County, Pennsylvania, the attorneys at Ross and Ross, LLC serve the personal injury, bankruptcy, social security disability, divorce and family law needs of Western, Northwestern, Central and North Central Pennsylvania including the communities of Coudersport, Galeton, Shinglehouse, West Branch, Smethport, Port Allegany, Bradford, Roulette, and Wellsboro, as well as Potter County, McKean County, Tioga County, Cameron County, Bradford County and other areas of Western PA and Central PA.


***Legal Disclaimer: The contents of this site are for informational purposes only and do not constitute legal advice.  No lawyer-client relationship exists until one of our attorneys meets with you and agrees to accept you as a client.
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One East Third Street
Coudersport, PA 16915
Phone: (814)274-8612
Email: TheRossLawFirm@gmail.com

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