The Closing Process.

During the negotiation stage of the transaction, a mutually agreed-upon date for closing is determined. "Closing" is when you and the buyer sign all the paperwork and pay your share of the settlement fees, and the documents are recorded. Settlement obligations vary widely due to specific contract language, local laws and customs. Prior to closing, the closing agent (usually an attorney) will complete a detailed settlement statement for both buyer and seller. Your Saymark agent can help you understand which of the following typical settlement fees apply to you.

The seller receives:

• Utility deposits held by gas, electric, cable, telephone and other companies
• Prorated portion of pre-paid property taxes
• Prorated mortgage interest from payments made during the current month
• Fuel rebate for oil or propane remaining in storage tank
• Net proceeds after seller's share of expenses are paid

The seller pays:

• Brokerage commission (the sum or percentage of the sale price, previously agreed upon by the seller and real estate agent)
• Document preparation fees
• Recording and notary fees
• Realty transfer tax
• Seller's share of legal expenses
• Repairs or inspections you have agreed to pay for

An earnest money deposit from the buyer displays a sincere intention to you of his or her desire to purchase your property while the loan is being processed by the lender. Once the loan has been approved and the down payment is being made, this earnest money deposit is credited towards the purchase price of the home.

Your purchase and sales agreement will be reviewed by the closing agent; at the same time, a title search is conducted to determine the accuracy of the title, whether or not there are any liens against your home, and if the title is sound and insurable.

The closing documents are prepared and the closing agent oversees the signing between you and the buyer. The transaction is closed and recorded in the appropriate public records, the title changes hands and funds are dispersed.

Congratulations, you've just sold your home!

Helpful Resource! Ansellzaro.com