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Closing: What You Need to Understand About it?

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By : Roby Hicks    99 or more times read
What is closing and what is its significance? Closing is the final step in purchasing a property. This is where the official transfer of ownership takes place. It can go smoothly but it can also cause a lot of problems. If something goes wrong, the buyer may not be able to own the property. This is why it is essential that essential preparations be made. This will help ensure that everything will go well.

The closing cost:

You should be aware of the closing costs you need to settle. The closing cost varies. This largely depends on the lender you pick. This is why you have to pick your lender wisely. Ask for the Good Faith Estimate and compare it with other lenders before deciding. It will help if you have an agent to assist you in making the decision. You may also work with a mortgage broker. He will aid you in negotiating the different costs involved. If you know what and how to negotiate, you will surely be able to lower the fees you need to pay significantly.

It is important that you familiarize the different fees so that you know what you can negotiate and to what extent. Bear in mind that there are also those that you cannot negotiate. Some of the fees you will need to settle are the appraisal fees, the tax service fees, the origination fees and the credit report fees.

The closing agent:

One of the most important personalities in the transaction is the closing agent. The buyer can choose the closing agent if he wishes. The said agent is responsible for many things. He has to prepare all the documents necessary for the transaction to finish. He also needs to present the documents and explain it to the parties involved, if the seller or the buyer has queries, he has to address them.

Since the role of the closing agent is very valuable, you need to look for a good agent. Make sure that he is experienced and that he has good professional background. He should be able to prepare all the documents on time and should be able to present them properly. If he fails to do that, the transaction may not push through.

The parties involved:

Aside from the closing agent, it is essential that the buyer and the seller are present. They have to examine the documents presented to them. As for the buyer, some documents will be given to him ahead of time. This gives him the chance to review them before hand. The agents of the said parties will be there as well to ensure that their client is not taken advantage of. The lender will be represented too, as well as the other parties involved in the purchase. The buyer and the seller may also bring their respective lawyers.

It is essential that the buyer is ready for the closing. He should be aware of how much he has to prepare for the closing costs. In addition to that, he should study the documents ahead of time. It is also important that he understands the documents before he agrees to it.
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