contact with the lender so that they can arrange a mortgage payoff. He gives the lender the name of the escrow company, which is supposed to come up with the closing statements. During that time, the buyer of the house is supposed to be working on getting his mortgage pledge completed. The seller must notify his home insurance firm about the impending sale of the house. If the house is a townhome or a condo and is affiliated with a homeowner’s association, the buyer must have an interview with the homeowner’s association. If needed, the seller should arrange for association documents to be made available to the buyer. At this point, the seller and buyer receive the Department of Housing and Urban Development HUD-1 settlement. This is supposed to happen at least 24 hours before closing. The HUD-1 settlement contains details about the exchange of money from the buyer to the seller. Any financial information recorded on the HUD-1 settlement should be agreed upon by both parties before they meet at the closing table. At the closing table, the buyer will be made aware of the title deed’s details, lender’s promissory note, truth-in-lending disclosure, and all riders regarding the loan and the deed of trust. It is worth noting that at the closing table, attorneys from both parties should be available, as well as the escrow agents and the title. All parties should ensure that they read through all the documents and the title keenly to ensure that names are all spelled correctly, that they are the correct names, and make sure that how the title will be held is listed. When all the paperwork has been read and signed, the new owner is given the keys to the house as well as all information regarding security systems in the house. When the closing has been completed, the seller is given a certificate of satisfaction. This certificate is issued by the seller’s lender just as they would if a loan was closed. The certificate must be signed, notarized, and then filed. It is filed in the land records
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