CHAPTER 14 Closing Day
Congratulations! Today is closing day, the fruits of your labor, the culmination of months of cleaning, staging, showing, and negotiating. But, you’re not home-free yet. Closings can be tricky. Everyone seems to do everything at the last minute. And you can find yourself waiting endlessly for all the players in this real estate drama to arrive with the correct paperwork and payouts. Let’s look on the bright side and discuss what actually happens at a closing, what’s likely to go wrong, and what you can do to right the ship and bring your real estate deal into port.
WHAT HAPPENS DURING A CLOSING?
This mysterious and scary closing is merely the time when you and your buyer sign all the papers and exchange the money that makes your home their home. Documents typically signed during closing include:
• Buyer’s mortgage note. • Home deed.
• Real Estate Settlement Procedures Act paperwork, which makes sure all parties understand what they’re signing. • Truth in Lending Disclosure Statement, which outlines the terms of the loan. Before you get to that finale, however, several things have to happen. 76
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