You've been waiting patiently for closing day. Rest
up, because there are a lot of papers to sign when a
property transfers owners. You will need to bring with you the
documents you received during the entire process.
Before closing, make sure you do a walkthrough of the
property. Then get ready to sign on many, many little lines.
Review the HUD-1 settlement statement carefully. This
document details the final closing costs. You should compare it to
the good faith estimate and question an discrepancies between the
two documents.
You will probably have an escrow account, from which
your real estate taxes and property insurance will be paid by the
mortgage servicer. A portion of each of your monthly mortgage
payments will be deposited into the escrow account. At closing, you
will need to prepay property taxes and insurance premiums into the
escrow account.
You will need to sign a
notification that your mortgage could be sold.
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