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Step 9: The ClosingThis is the when the documents are signed, funds are transferred, and the title is prepared to be filed. |
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Step 9 - Closing
In order for the closing to go smoothly, each party involved should bring the necessary documentation and be prepared to pay any related fees (closing costs). There may be more than one form of acceptable payment for your closing costs so we will ask the closing officer which form of payment will be required and to whom it should be made out. We will inform you as soon as we obtain the information. Closing costs will generally total an amount equal to 2 to 3 percent of the total loan value not including down payment and the buyer's escrow deposit which will be credited to the buyer at closing. Sellers sometimes will pay for a portion or all of the closing costs even including a buyer agent fee, depending on local market conditions, terms of the purchase contract, and the seller's cash and timing considerations. Any such concessions should be acknowledged in writing in the purchase contract. Most lenders will allow a credit from the seller to the buyer for the non-recurring closing costs. However, they usually will not allow a credit that reduces the amount of the buyer's down payment or any of the buyer's recurring costs, such as expenses for homeowner insurance premiums, PMI, or property taxes.
Larry and Marilyn Daniel, REALTORS® Toll Free 1-800-743.4476 ext. 7117
Murney Associates, 620 W. Republic Road, Springfield, MO 65807 1-417-882.6222 ©2002 OzarksHome.com,
Larry Daniel |
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