Closing Day is a happy one − your new home is finished and ready for you! At closing we will conclude financial matters, review important documentation, and transfer legal title to you. Several days prior to closing, we will furnish you with a copy of the financial settlement statement. This statement will document any credits due you for tax pro-rations, etc., and any additional charges for change orders, closing costs, etc. If additional funds are due our company, the exact amount will be indicated. You should carefully review this document and call us if you have any questions. The amount due our company should be paid in the form of a bank check. Prior to closing, you must obtain homeowner insurance with coverage in an amount not less than your mortgage loan. The details of the coverage should be discussed with your insurance agent, and the original policy naming the lender as the Mortgagee must be brought to the closing. The closing will take place in the attorney’s office of the lending institution. You, and your spouse if applicable, will sign the papers necessary to assume the mortgage loan which has been arranged for you. Your mortgage and note are in a form recommended by the Federal Home Loan Bank and in common use throughout the United States. We will explain to you the most important provisions of both the note and the mortgage.
At closing we will also:
- Execute the deed which formally transfers title to you. After you have verified the correctness of your names’ spelling, the attorney will record the deed in the official records of the Courthouse. Within two weeks the clerk of the court will return the original deed to you.
- Explain in detail our post-occupancy service program.
- Provide you with a 2-10 home warranty, 10-year warranty.
- Provide you with garage door openers.
- Finally, after we’ve completed the closing processing, we’ll present you with the keys to your new home … but it’s not really goodbye, because we will be checking with you in several weeks to arrange for the servicing of any minor issues you may discover.