Closing Costs
When should a homebuyer first learn about closing costs? As part
of searching for a lender.
If you compare closing costs as part of finding a lender, you will
know what these costs include. Closing costs are the funds required
from you or the seller to complete the real estate transaction.
Your lender gives you an estimate of these costs in advance
of your closing. They include payment required for points, taxes,
title insurance, financing costs and other items that must be prepaid
or placed in escrow.
Roles and Responsibilities
The buyer, the seller, their attorneys, both real estate sales
professionals, a representative of the lender and the closing agent,
may attend a closing. The meeting takes about one hour and usually
takes place at the closing agent's office.
Click the links below to view the main responsibilities of the participants.
Check Your Learning
Now it's time to review what you've learned about the Closing process.
Directions
Click each link to view and answer the question.
- Question 1
- Question 2
- Click the Close Window link to return to the course.
|
|
In most cases, closing meetings are successful and have no problems.
The next section explores what you can do if there are problems at closing.
|
