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CHAPTER XII -- YOU'VE MADE IT! CLOSING DAY

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.

WarningRead all documents carefully before you sign them.

Who's who

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.)

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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)

 

TABLE OF CONTENTS

CHAPTER I
  Lesson 1
  Quiz

CHAPTER II
  Lesson 2
  Quiz

CHAPTER III
  Lesson 3
  Lesson 4
  Lesson 5
  Quiz

CHAPTER IV
  Lesson 6
  Lesson 7
  Quiz

CHAPTER V
  Lesson 8
  Lesson 9
  Quiz

CHAPTER VI
  Lesson 10
  Lesson 11
  Quiz

CHAPTER VII
  Lesson 12
  Lesson 13
  Lesson 14
  Quiz

CHAPTER VIII
  Lesson 15
  Lesson 16
  Lesson 17
  Lesson 18
  Quiz

CHAPTER IX
  Lesson 19
  Quiz

CHAPTER X
  Lesson 20
  Quiz

CHAPTER XI
  Lesson 21
  Quiz

CHAPTER XII
  Lesson 22
  Lesson 23
  Lesson 24
  Quiz

CHAPTER XIII
  Lesson 25
  Lesson 26
  Lesson 27
  Quiz

CHAPTER XIV
  Lesson 28
  Lesson 29
  Lesson 30
  Quiz

Definitions




 
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