House Closing FAQs
Crossland Title Inc. is a Knoxville title agency providing full-service real estate title solutions. Crossland Title Inc. makes your closing seem effortless.
With more than 36 years of experience in the real estate and title business, owners Pam Rice and Beth Crox have built their reputations upon the virtues of personal service and integrity. They believe that reputation as an honest and reliable business is the recipe for success.
All About House Closing
When you finally arrive at closing day in the home-buying process, it can sometimes be a whirlwind of unknowns and confusion. You will have questions like – How much are closing costs on a house? Who pays closing costs? What financial information – if any – do you need to take with you?
Then there’s all the of paperwork you’ll have to sign when you close on your new home. So how can you be ready for all the documents you’ll need to review – and understand? Prepare for the ride ahead so you can close on your loan with confidence.
Closing on a house: What happens?
Often called a “settlement”. It’s when you, the lender and the seller exchange all documents and funds required to complete the transaction. As a buyer, you’ll sign a stack of legal documents related to the transfer of property ownership. Also, pay closing costs, fees and the initial escrow payment for your homeowner’s insurance and property taxes.
Understand there are really two closings.
There are usually two closings for the buyer: one that involves the lender for the funding of the transaction and one for the purchase transaction.
Get a head start on reviewing paperwork.
For both transactions, the buyer gets all the documents before the closing and look them over. That way the review doesn’t occur while everyone is sitting and watching.
For example, the lender has its ‘forms’ and it takes a tremendous effort to have them change language unless it is really wrong. However, some of the form language may be wrong for the transaction.”