What To Expect
BEST Title Solutions, Inc.
When you found your Piece of Paradise and your loan
has been approved, there is only one more step to fulfill your
dream – the closing. Your closing agent at BEST Title
Solutions, Inc. will contact you for pertinent information for
the deed, mortgage and other documents.
- What is your marital status? If you are single, are you
taking title as tenants in common or
joint tenants?
- What is the exact spelling of your name? Do you use a
middle name or middle initials? What about Jr., Sr., II,
III, etc.?
- What insurance company are you purchasing your
homeowner's insurance from? We will need the name of your
insurance agent and the phone number.
- What is the name of your Mortgage Company, loan officer
and telephone number?
BEST Title Solutions, Inc. will gather information from
you, your Insurance Agent, your Mortgage lender and your
Realtor, if applicable, as well as from the title search and
survey.
Closing Package Consists Of:
- HUD I Settlement Statement: This is a detailed breakdown
of figures for both the Buyer and Seller. All of the funds
from the closing are disbursed in accordance with this
Statement.
- The Seller pays the real estate commission, any real
estate taxes that are unpaid and any liens, including but
not limited to mortgages, financing statements and
judgments, if applicable, as well as all costs listed in
the Contract that are to be paid by the Seller.
- The Buyer is charged for the closing costs from the
lender and broker, costs for the title insurance and
affiliated closing costs in connection with the loan,
homeowner's insurance and escrow account for taxes and
insurance, if required by the lender.
- Mortgage Note: Your promise to repay the funds loaned
for the purchase of the property. All of the details of the
loan are contained in the Note: the interest rate, term of
the loan, the amount and how often the payments are due, as
well as prepayment penalties and interest rate adjustments,
if any.
- Mortgage Deed: The Mortgage Deed is recorded in the
Public Records of the county where the property is located
and is your pledge, granting the lender an interest in the
real property until the note has been paid in full.
- Truth in Lending or Disclosure Statement: This document
sets out the Annual Percentage Rate (APR). This number is
normally higher than your interest rate because it contains
a portion of the closing costs you are paying the lender
and/or broker for the loan.
- Affidavits: These are sworn statements from the Buyer
and/or Seller that are sometimes required to clear up items
disclosed by the title search or required by the lender in
connection with
the new loan.
- Miscellaneous Documents: Most lenders have special forms
to be signed by the parties to the transaction, inspection
reports, and survey forms will be signed and accepted. Other
documents such as name clarifications, property tax
information, etc. may be included dependent upon the
requirements of each individual transaction.
Contact
BEST Title Solutions, Inc. today at
239-541-3388, or browse the website for more
information about
buyers
/ sellers or
your
closing.
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