Transfer of Possession & Closing on Your Home
Closing On Your Home
A transaction is considered “closed” once all documents have been signed, money transferred and the deed has been recorded. Then you own the home.
On the day of closing (or prior to if you are doing a mail away closing), the closing agent will provide you with a finalized Settlement Statement and HUD-1 which will list closing costs, pro-rations and any money you owe the seller or the seller owes you.
Once you review all the documentation, you’ll sign any mortgage documents and promissory note if you have a loan and the seller will give you the title to the house in the form of a signed deed.
Money will exchange hands, usually in the form of a cashier’s check or wire transfer, and the deed and mortgage will be recorded. At that point, possession has transferred to the buyer and become a homeowner.
What Do I Receive At Closing?
- Copy of the signed Settlement Statement, HUD-1
- Truth in Lending Statemtn
- Mortgage Note
- Mortgage Deed of Trust
- Sales Contract (you should already have a copy)
- Keys to Your New Home & Garage Door Openers (if applicable)
- The Actual Deed Will Be Mailed to You (This may take several weeks)