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LESSON 24: CLOSING DAY
This is it -- the day you close on your home. This
is when all parties sign the papers and formally close the deal.
Then, ownership of the home is transferred to you. It's also your
last chance to change anything you don't like about the transaction.
 Read
all documents carefully before you sign them. |
While closing procedures vary from state to state and county to county, the following parties generally will be at the closing table,
or settlement
meeting:
1. Closing agent: The closing
agent is the person who may work for the lender or title
company.
2. Attorney: The agent may also be an
attorney
representing you or the lender. Both sides may have attorneys
(You may or may not want an attorney present, depending on your
level of comfort with the mortgage provider and the lending process.
If you do, expect to pay a few hundred dollars for the service.)
3. Title company representative:
A title
company representative provides written evidence of the ownership
of the property.
4. Seller: The home seller.
5. Real estate agent:
The seller's real
estate agent.
6. Mortgagor: The borrower of a mortgage
(that's you!)
7. Mortgagee: The
lender of a mortgage.
(continued on next page)
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