The closing is the final step in the sale, purchase or refinance of the
property. Ownership of the property is transferred, title insurance is
issued and coverage begins.
Those present at the closing may include the buyer, the seller, the lender,
real estate agents representing either party, and the closing agent.
Realty Title conducts the closing according to the instructions
of the lender, the terms of the contract between the buyer and seller,
and the requirements
of state and federal laws.
What is a HUD-I Settlement Statement?
The HUD-I Settlement Statement is the document prepared by the title
company at closing which shows where all of the money in the transaction
is coming from and going to. It gives a 'financial picture' of the
closing transaction. At closing, the title company is responsible for
preparing the HUD-I Settlement Statement in accordance with the contract,
lender's instructions, market practice and state and federal laws.
For additional information from ALTA on the HUD-I Settlement Statement visit
http://www.alta.org/consumer/hud1.cfm
Know the facts, understand costs and prepare for the closing day with
ALTA's "Home Closing 101" educational initiative:
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Selecting a Lender
You will find there are literally hundreds of lenders to choose from.
Realty Title is approved to close for nearly every lender
in the area. |
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