Chicago's North Shore - North and Northwest Suburbs Real Estate Archive

Blog

Displaying blog entries 1-2 of 2

Closing Day Tips

by Allyson Hoffman

Closing day is when all the decision are final when purchasing a new or pre-owned Northern Illinois home. The purchase price is paid and the title is transferred from the seller to the buyer. In many states the mortgage lender’s attorney or a title agent will handle the closing details and protect the buyer and seller’s rights as a neutral 3rd part.

You will receive a number of important documents at the closing meeting. Review this list of documents before you go, so that you'll know what to expect when you're there.

Documents the Buyer Typically Receives

  • Settlement statement, itemizing the services provided and the fees charged
  • Truth-in-lending statement
  • Mortgage note
  • Mortgage or deed of trust
  • Sales contract
  • Any required affidavits, if any
  • Copy of the deed
  • Keys to the home


Closing costs are one of the least-understood aspects of the home purchase procedure. You should be sure to speak up and ask about anything you don't understand. Closing costs can vary but they generally are between two and five percent of the home's purchase price and include:

  • Attorney fees
  • Escrow fees
  • Property taxes to cover the period to the closing date
  • Interest from the closing date to one month before the first monthly payment
  • Loan origination fees
  • Recording fees
  • Survey fees
  • Mortgage insurance, if applicable
  • Title insurance, both for the buyer and the lender
  • Loan discount points
  • The first escrow payment for future real estate taxes and insurance
  • Homeowner's insurance policy payment or receipt
  • Appraisal fees
  • Pest or other specific inspection fees
  • Document preparation fees

Closing day is the most important step in the home buying process. Always be sure to ask questions about anything you do not understand. Your realtor or attorney can handle most questions and if they don’t know, they’ll know which direction to point you in.

Image courtesy of David Wall/Flickr.com

/kh

What To Expect At Closing

by Allyson Hoffman

The final details of buying a new or pre-owned home take place on closing day when the purchase price is paid and title is transferred from the seller to the buyer. In most states the mortgage lender's attorney or a title agent will handle the closing details and protect buyer and seller rights as a neutral 3rd party.

You will receive a number of important documents at the closing meeting. Review this list of documents before you go, so that you'll know what to expect when you're there.

Documents the Buyer Typically Receives

  • Settlement statement, itemizing the services provided and the fees charged
  • Truth-in-lending statement
  • Mortgage note
  • Mortgage or deed of trust
  • Sales contract
  • Any required affidavits, if any
  • Copy of the deed
  • Keys to the home


Closing costs are one of the least-understood aspects of the home purchase procedure. You should be sure to speak up and ask about anything you don't understand. Closing costs can vary but they generally are between two and five percent of the home's purchase price and include:

  • Attorney fees
  • Escrow fees
  • Property taxes to cover the period to the closing date
  • Interest from the closing date to one month before the first monthly payment
  • Loan origination fees
  • Recording fees
  • Survey fees
  • Mortgage insurance, if applicable
  • Title insurance, both for the buyer and the lender
  • Loan discount points
  • The first escrow payment for future real estate taxes and insurance
  • Homeowner's insurance policy payment or receipt
  • Appraisal fees
  • Pest or other specific inspection fees
  • Document preparation fees

The closing is the final step in the home buying process and ultimately the most important. You should always be sure to ask questions on anything you don't understand. There are many websites that can be a good resource to help answer questions but you should check with your realtor or attorney on any specifics you don't understand..

Image courtesy of Dave Dugdale/Flickr.com

Displaying blog entries 1-2 of 2

Syndication

Categories

Archives

Contact Information

Photo of Allyson Hoffman Real Estate
Allyson Hoffman
RE/MAX Villager
1245 Waukegan Road
Glenview IL 60025
847-310-5300
Fax: 847-400-0881

Listing Alerts

Be the first to know what's coming up for sale in the Chicago Illinois real estate market with our New Property Listing Alerts!

Just tell us what you're looking for and we'll email a daily update of all homes listed for sale since your last update. You can unsubscribe at any time.

Get Notifications

Quick Search

Contact Us

There are several ways to reach me. Call me at the number below for the quickest response or click the Contact us Online button. Thank you.

Allyson Hoffman
RE/MAX Villager
1245 Waukegan Road
Glenview, IL, 60025

(847) 310-5300
[email protected]

Contact Us Online