The standard throughout the closing process has been to stay in touch with the agent who closes the deal to make sure everything is proceeding smoothly. The paperwork that the seller will need to sign is minimal compared to the large amounts of paperwork that will need to be signed by the buyer at the time of closing. There are many different variables, however, based on the state where you live. These are a few examples of documents you need to sign at closing. Final Closing Instructions The practice of this varies across the country. However, if a buyer and the seller do not sign the agreements to the closing instructions they will do so during escrow. The HUD-1 Settlement Statement This is to account for all the money involved in this process. It is a statement that is REQUIRED by federal law. There is both a buyer’s column and a seller’s column on this document. Make sure that you verify all columns and make sure that all of the figures on the HUD-1 form are correct before signing! Certificate of Title This is a statement saying that you have the right to sell the property. The Deed This will transfer the title to the new owner. Deeds go by different names in different states, but they all mean the same thing. The ownership of the home will transfer after the new name(s) are signed on the document. This also will include description of the property in question. This happens at the courthouse in your local county. Loan payoff This shows the amount of payoff you owe at closing. Mechanics lien In some states you may be asked to sign a document that says there is no possibility of any payment placed by a subcontractor. Bill of sale This gives a list of any personal property that you agreed to leave with the house. Make sure that everything you agreed to go with the house is on the list. Statement of closing costs When you sign this document it means that you know ahead of time of all the costs involved. Statement of Information Title companies have to know who you are. When you go to the title company you will likely need to show two forms of identification, such as your driver’s license or your passport. It is always good to be prepared. Make sure that you read everything, and don’t be afraid to ask questions before signing the document. Look and make sure that everything is written for the amount you asked. With this quick overview, you should be prepared to sign documents at your next closing. Contributor James Link
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