Closing
the Transaction
When it finally comes down to the closing day, you will meet
with your attorney or a title company representative,the listing and selling
sales associates, and all of the sellers. In addition, the seller should bring
warranties for equipment left in the house and instructions for their maintenance
and operation.
Before this time, the attorney or title representative will
have reviewed the title, provided title insurance, and gotten new and old
lender instructions. First of all, any unresolved problems will be handled.
Next your attorney or title company representative will explain
to you:
At this point, you will endorse all of the above and pay
the balance of your closing costs.
The
Cost of Closing
Before the closing you will be given a closing cost estimate
by your lender. The amount of these costs varies depending on location and
price, but generally average between 5% and 8% of the sale price. For example,
on a $150,000 home with a $120,000 mortgage, closing costs will be anywhere
from $4,800 to $8,400.
Estimated
Closing Costs
Bruce Busch or our Princeton Mortgage Corporation Loan Officer can give you a pre-settlement estimate of specific fees and
costs. These fees may vary between lenders and other related services.
Next,
your tax advantages
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