subject: What To Do When Closing For Your Chosen Riverside Real Estate [print this page] As youre now through house hunting and shopping around Riverside homes for sale, as well as all that negotiating and making offers, it is now time to face the music and officially make it yours. During closing, you will sit down with different people including the seller, your agent, officials from the mortgage and title companies, as well as your attorney. During this process, which may take as short as an hour or even more, you will complete the purchase of the property and also your loan, if you're getting a mortgage.
Given below are the things you can and should do during closing:
1. Perform a final walkthrough - Generally before the real closing, you will have the chance to do a walkthrough of the house and check its condition if it is as stated in the purchase agreement.
2. Pay for the closing costs - Make sure that you bring a cashier's check or a certified check at closing since you will need to pay for your part of the closing costs. For the remaining balance, your lender will give a lender's check. During this time, both you and the seller will have to sign the HUD Uniform Settlement Statement which states the closing costs, all the dues involved in the process, and the one who will be paying for these expenses.
3. Show a proof of your identification - This is required so don't forget to bring a valid ID; for example, your passport or driver's license.
4. Present a proof of insurance - Your lender may possibly want to check your proof of payment for homeowners' insurance, as well as flood insurance (if any), before you are allowed to close on the house so make sure you bring a copy.
5. Sign the necessary documents - To officially have the home ownership transferred to you, both parties (the buyer and the seller) must sign a couple of necessary documents. The papers you need to sign include the purchase contract, the settlement statement, title documents, mortgage documents, a promissory letter for your loan, as well as the truth in lending statement (which outlines your loan costs, your schedule of payment, and the amount paid). The things that the seller must sign are the settlement sheet and the deed of the house so that the ownership can be transferred to you. These papers will be filed at the office of the county recorder; however, it is advisable to have a copy of your own.
6. Get the Keys - After everything has been set and all the paperwork finished, you'll receive the keys to your new home. Even though you will obviously change the locks right away, receiving the keys is still the final sign that the home in Riverside real estate is really yours.
