Closing is the last step in any Las Vegas real estate transaction. It is the point when the home is officially transferred from the seller to the buyer.

The buyer chooses a closing agent who will represent the closing and will coordinate all of the documents and disbursement of funds from one party to the other. Both the buyers and the seller’s real estate agents will be present, as well as a representative of the lender and any real estate attorneys.

As the buyer, be prepared to review and sign a large variety of documents related to your loan, and to pay the closing costs. Some of the typical closing costs include:

• Inspection fees
• Pest Inspection fees
• Underwriting fee
• Tax service fee
• Prepayment of taxes
• Attorney’s fees
• Origination fee
• Title insurance
• Appraisal fee
• Credit report fee
• Recording fees
• Interim Interest
• Private Mortgage Insurance payment

As the buyer, you will receive quite a few documents that you’ll need to review and sign at closing. They are as follows:

• HUD-1 Statement - This settlement sheet itemizes the services and lists the charges for both the buyer and the seller. You will likely receive this form in advance so that you can have a good idea of what your closing costs will be.
• Truth-in-Lending Statement - Your lender will have likely given you this document a few days before closing, as it outlines the costs of your loan. It is likely that the APR calculated by the lender will change slightly at closing.
• The Promissory Note - This is a legal document that basically outlines the buyers promise to the pay the lender according to the agreed-upon terms. It will also detail the repercussions should you not pay on the loan as promised.
• The Mortgage - Your mortgage is the legal document that basically gives the lender claim against the property if you default on the loan.
• Seller’s Affidavits - Seller’s affidavits can be numerous and can vary.
• The Deed - The seller will sign the deed. You, the buyer, should receive a copy of the deed at closing.

Author Bio:

Visit the VIP Realty website for more information on property marketing in the Dallas real estate area. There you’ll find buyer and seller service details, information on local communities, details on Dallas Texas Condos & Irving real estate, and resources on a wide variety of other home styles.

Tags: Buyer Tips

This entry was posted on Tuesday, October 7th, 2008 at 2:06 pm and is filed under Las Vegas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.