Upper Dublin, Blue Bell and Horsham Real Estate and Homes for Sale in Pennsylvania
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Preparing for Settlement
Who you gonna call?
As your buyer agent I will notify you when to call the utility companies, cable and telephone, alarm system etc. Arrange to have services transferred into your name effective the day of settlement.
Sign here, here and here…
Closing procedures are usually held at the title company, buyers real estate office, or Real Estate attorney’s office. Your closing officer coordinates the document signing and the collection and disbursement of funds. Usually the lender will attend to explain all the mortgage documents. This is another reason I advise the use of a local reputable lender.
In order for the closing to go smoothly, each party involved should bring the necessary documentation and be prepared to pay any related fees (closing costs). There may be more than one form of acceptable payment for your closing costs so ask the closing officer which form of payment will be required and to whom it should be paid.
On your side…
Sellers sometimes pay for a portion of the buyers closing costs. A sellers assist will depend on local market conditions and terms of the offer to purchase contract. Any such concessions are acknowledged in writing at time of purchase. These items will be represented on the HUD 1 document. The buyer has a buyers side and the seller has a sellers side which lists the buyers and sellers expenses, tax pro rations and other closing costs. You will receive a full estimate of these closing costs prior to the settlement day.
Most lenders will allow a credit from the seller to the buyer for the non-recurring closing costs. However, they usually won’t allow a credit that reduces the amount of the buyer’s down payment or any of the buyer’s recurring costs, such as expenses for fire insurance premiums, private mortgage insurance (PMI) or property taxes.
Knowing is half the battle…
Reminder…Seller concessions to the buyer are negotiated at time of purchase. When at final settlement there should be no surprises. Both seller and buyer are fully aware of their responsibilities prior to settlement. As your buyer agent, I attend settlement with you and help facilitate the settlement to ensure everything goes smoothly.
Making this a win – win relationship!
