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:

  • the deed of trust or mortgage
  • the mortgage note
  • deed to the property
  • lender forms
  • settlement statement

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

The Buschs or our Princeton Mortgage Corporation Loan Officer (Sheree Sachs) can give you a pre-settlement estimate of specific fees and costs. These fees may vary between lenders and other related services.

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