What You Need To Know About Richmond Va Real Estate Closings:
A real estate closing is the final event in a Richmond Va real estate transaction. It is when the parties sign all the final documents with their attorney in order to finalize the transfer of ownership of the property. Buying or selling a home is an exciting process and the more you know, the more relaxed you will be while you’re going through the process. Because you will be signing important legal documents, it is important to know what to expect during the closing process of the new home.
As the Buyer, at the closing, you will sign the legal documents pertaining to the terms and conditions of the mortgage and all paperwork relating to the transfer of property ownership from the seller to you. The documents pertaining to the loan will include the mortgage note and the mortgage/deed of trust. You will also sign the deed and one or several affidavits/declarations and various disclosures.
As the Seller, at the closing, you will be signing all paperwork related to the transfer of property ownership including the deed of trust and documents to related to paying off your existing mortgage. Sellers typically will sign documents with their attorney prior to the buyer signing documents. So many times when the seller attends their side of the “closing” the property does not actually transfer until a day or several days later.
For both the Buyer and Seller, the most important document at the closing is the HUD-1. It is a government required form ( hence the name) that outlines all of the costs, fees, pricing etc for both sides of the transaction. The HUD-1 of “HUD” will show the sales price, closing costs, real estate commissions and any state and local taxes or fees. Make sure that you review this document carefully.
You will sign your name many times in many places at a real estate closing. The documents are loaded with legal terminology that may not be familiar to you, so do not hesitate to ask questions. Remember, the fine print will impact you longer than the people waiting for you to sign the documents, so take your time.
Once the documents are signed, the keys of your new property are yours and you’re ready to move in. Enjoy your new Richmond Va Area home! We hope this article answers your questions about “What You Need To Know About Real Estate Closings.” Have other questions?