What Is The Closing Process?
Once you’ve chosen a home, negotiated a deal, and obtained a mortgage, the final step is to close on the home (sometimes referred to as settlement or escrow). Essentially, the St George closing process involves a meeting attended by a member of each participating party for the purpose of finalizing the transaction. Here’s how it will typically go:
By the time you’re ready to begin the St George closing process, you will have received a document called the closing disclosure form (at least three days prior to your closing date). Review the closing disclosure thoroughly, as it spells out in detail the term and interest rate of your loan, your mortgage payments, any other fees associated with the closing process referred to simply as closing costs (if you’re selling your property or buying using cash, you will receive an ALTA settlement statement for review). In the St George closing process, you can expect closing costs to be somewhere between 2%-7% of the home’s price. If you have questions or spot discrepancies, be sure to communicate them to your lender in addition to comparing the information in the ALTA to the estimate your lender originally gave you. Also, be sure to complete a final walkthrough of the home the day before closing to make sure that the home’s previous occupants have vacated as well as reverifying that the condition of the home is as contractually agreed upon. Any issues that may have arisen as a result of the previously completed inspection should have been completed by this point. There is nothing wrong with delaying the closing date if necessary. All matters should be resolved before going forward with the St George closing process.
Bringing Necessary Items
There are certain documents that must be present at the closing. You will need to bring a photo ID and your title company will have all your closing documents prepared for you. Note: for those who have just recently been married, your name as shown on your new mortgage and title must be the same as the ID that you bring to the St George closing process. You’ll also need to be prepared to wire transfer your down payment. Also, bring your personal checkbook because smaller fees can sometimes be taken care of at that time with a personal check.
When it’s time to hold the meeting, the title company will have already performed a title search wherein they examine public property records for any potential liens or other issues associated with the property. Such issues are rare, but they do crop up every so often. So who exactly will be present at the meeting that finalizes the St George closing process? You can expect most of the following people to be in attendance: a bank representative, a title company representative, the buyer’s real estate agent, and the buyer. The seller’s real estate agent and the seller will have had a similar but separate meeting. Because so many people are involved in the St George closing process, it’s better to just plan on someone being late or forgetting an important document or spelling a name wrong. A wise practice is to not schedule anything within a few hours after the meeting is scheduled to over, just in case. And remember that at this meeting you will be signing your name a lot.