Closing is where ownership of the home is legally transferred from the seller to the buyer. It is a formal meeting in which most parties involved in the buying/selling process will attend.

Closing procedures are usually held at the Mortgage Company's office or an Attorney's office. Your closing Attorney coordinates the document signing and the collection and disbursement of funds. In order for the closing to go smoothly, each party involved should bring the necessary documentation and be prepared to pay any related fees.

Most lenders will allow a credit from the seller to the buyer for the non-recurring closing costs. However, they usually won't 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 fire insurance premiums, Private Mortgage Insurance (PMI), or property taxes.

Your Thompson Evans Realty Consultant will be present at the closing ready to help by answering any questions or helping to resolve any issues that may arise. Your Thompson Evans Realty Consultant will also be available to manage any last minute or unexpected details.

Congratulations on the purchase of your new home!