In order to take the mystery out of the closing for first time home buyers, here are some basics on the process:
- You do a walk-through the day before or morning of the closing to ensure the house is in the same general condition as when the offer was made and things are left that were supposed to be there (e.g. appliances).
- Your lender hires a closing agent to create a statement outlining the loan amount, loan costs, recording fees, title insurance premiums, escrows for insurance & taxes, state transfer tax, tax prorations, and the deposit. This shows how much money you bring to close.
- You are charged for any oil/propane/cordwood left. This may be put on the closing statement or paid by personal check to sellers at closing.
- Be prepared to sign lots of paperwork at the actual closing! The money you bring to closing should be on a bank check or previously wired to the closing agent.
Your agent will help you through this process, but knowing what to expect can alleviate many concerns. Give me a call if you want an experienced REALTOR® helping you! 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
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