I can save you time and money by being present during the closing to help explain the process and forms to you and make sure everything goes as planned. By being present during the closing, I can mediate any last minute issues that may arise. Something always seems to come up!

There is no other aspect of real estate that varies more than the actual set up of the closing. Local custom dictates how it’s done. In one area, the buyers, sellers, attorneys, brokers, and a paralegal from the lender may gather around a long table. At the other end of the spectrum, the details can be handled through the mail by a special escrow company.   Here, in Asheville, the formality of the "Closing" is generally performed in an attorney's office.

Whatever the practice, the basic transaction is the same. The seller proves a marketable title, the buyer pays for the property, and the seller hands over the deed. If there is new financing, the settlement includes the signing and delivery of a bond and mortgage, and in some states, a trust deed. The deed is a bill of sale for the real estate. Sellers do not sign and deliver a deed until the money for the sale has been received. The buyer cannot pay  you, other than cash, until they receive their mortgage loan. And, the lender will not turn over the money without receiving a mortgage. Buyers cannot sign the mortgage until they own the property.

In order for the closing to go smoothly, each party involved should bring the necessary documentation and be prepared to pay any related fees (closing costs). There may be more than one form of acceptable payment for your closing costs so ask the closing officer which form of payment will be required and to whom it should be paid.

Sellers sometimes pay for a portion or all of the closing costs, depending on local market conditions, terms of the purchase contract, and the seller's cash and timing considerations. Any such concessions should be acknowledged in writing. 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.

Obviously, the transactions must take place at one time and in a very specific order. If for some reason you cannot attend the closing, arrangements can be made for your signature on the various documents.  

What you need to know about the closing....

Closings can last anywhere from about an hour to an hour and a half. During this time, you will sign all the required legal documents and exchange all money in order to make the settlement final.

• The usual documents that must be signed are the deed, which conveys title of the property to the buyer; the mortgage, which is a lien against the purchased property; and the settlement statement, which lists all closing costs and related fees. In addition there are many other documents that must be signed, they will be explained at the closing table by the closing agent and/or your attorney.

• When the contract for purchase of the property was presented, the amounts written in by the Realtor or mortgage professional were estimates. The settlement statement contains the actual fees associated with the loan, including lender fees, escrow amounts for taxes and insurance, recording fees, real estate commissions and the amount the seller will receive.

• The buyer will be informed to arrive (as mentioned above) at the closing with certified funds for the determined amount in order to close. This amount will be less the deposits, if any, that have been given in order to secure the property.

• Once all of the documents have been signed, the property is transferred to the buyer. The buyer may now move in on the date agreed upon between the buyer and seller as recorded in the sales contract.

• Again, as your Real Estate Agent, I can safe you time and money by coordinating all these details to make sure all things will be handled appropriately and efficiently.  I can be present at the closing, reading the documents on your behalf and answering any questions, or helping to resolve any issues that may come up. I will also be available to manage any last minute or unexpected details that come up.