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Asheville Real Estate: 10 Steps to Buying Your Home.... Step 9 - Closing
moment you’ve been anticipating has arrived.
Closing day is the culmination of your real estate transaction... the day the property legally changes hands, where ownership of the home is legally transferred from the seller to the buyer... It is a formal meeting in which most parties involved in the buying/selling process will attend. Closing procedures are usually held at the title company's office or lawyer's office, where the actual document signing and the collection and disbursement of funds is coordinated... Here, the buyer and seller will sign all the required legal documents and exchange the monies that make the settlement final.
Please note, that depending on where you live, the process is called the settlement, the transfer, the closing, passing paper, or going to escrow. The actual event may be held in the county courthouse, at a title company, at the lending institution, the real estate office, or at the attorney’s office.
There is no other aspect of real estate that varies more than the actual set up of the closing. Local custom dictates how it’s done. In one area, the buyers, sellers, attorneys, brokers, and a paralegal from the lender may gather around a long table. At the other end of the spectrum, the details can be handled through the mail by a special escrow company. Here, in Asheville, the formality of the "Closing" is generally performed in an attorney's office.
Whatever the practice, the basic transaction is the same. The seller proves a marketable title, the buyer pays for the property, and the seller hands over the deed. If there is new financing, the settlement includes the signing and delivery of a bond and mortgage, and in some states, a trust deed. The deed is a bill of sale for the real estate. Sellers do not sign and deliver a deed until the money for the sale has been received. As the buyer, you cannot pay until you receive the mortgage loan. The lender will not turn over the money without receiving a mortgage. You cannot sign the mortgage until you own the property.
In advance of your closing date (24 hours at minimum), your lender will send a final closing statement that outlines your closing costs, if applicable. As your real estate agent, I will review this document with you to ensure its accuracy, as well as help you gather any necessary documentation that you’ll need to bring to closing.
In order for the closing to go smoothly, each party involved should bring the necessary documentation and be prepared to pay any related fees (closing costs). There may be more than one form of acceptable payment for your closing costs so ask the closing officer which form of payment will be required and to whom it should be paid.
Sellers sometimes pay for a portion or all of the closing costs, depending on local market conditions, terms of the purchase contract, and the seller's cash and timing considerations. Any such concessions should be acknowledged in writing. Most lenders will allow a credit from the seller to the buyer for the non-recurring closing costs. However, they usually won't allow a credit that reduces the amount of the buyer's down payment or any of the buyer's recurring costs, such as expenses for fire insurance premiums, Private Mortgage Insurance (PMI), or property taxes.
Obviously, the transactions must take place at one time and in a very specific order. If for some reason you cannot attend the closing, arrangements can be made for your signature on the various documents. Then all you’ll have to do is pick up the keys!
What you need to know about the closing....
Closings can last anywhere from about an hour to an hour and a half. During this time, you will sign all the required legal documents and exchange all money in order to make the settlement final.
The usual documents that must be signed
When the contract for purchase of the property
The buyer will be informed to arrive (
Once all of the documents have been signed,
In every resale offer, the purchase price is payable "Subject To The Usual Adjustments". Adjustments fine-tune the income and expenses of a deal as of the day of closing - exactly what buyers and sellers want. Municipal Property and School taxes are items always adjusted; so if the seller has paid too much, the buyer pays the excess back to the seller; and vice versa. The principal amount of any mortgage assumed from the seller must be adjusted - together with interest since the last payment, plus any money in a tax account. The monthly condominium maintenance fee is adjusted on closing, as are first and last month's rent for rental properties. Utilities, fuel oil (plus GST) and fire insurance may need adjusting, too, depending on the property. While these out-of-pocket closing expenses can be hefty, they are legitimate charges. After all - the buyer is simply reimbursing the seller for items the buyer will benefit from after closing.
Buying and selling a luxury home or finding that special piece of Asheville Real
Estate with Kathleen Blanchette,
a fully licensed Asheville Real Estate Broker and Realtor, is a comprehensive and thoroughly professional
experience in buying and selling Asheville Real Estate throughout the Blueridge
and Smokey Mountains, where efficiency, personal regard and concierge services are
guaranteed every step of the way. Keeping the Tradition of Integrity...,
and a Reputation for Results!
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