Even though the purchase contract has been signed and the homebuyer's loan request has been approved, the homebuyer has no rights to the property, including access, until the legal title to the property is transferred to the buyer and the loan is closed. Every area of the country has its own unique closing customs. At closing, you will execute the deed to the property, and the homebuyer will sign the mortgage loan documents, and the closing agent will record the necessary instruments to give the buyer legal ownership of the property. Closing costs must also be paid.
Closing costs vary widely depending on the home s price tag, location and other factors.
Overall, the costs will probably be between 1 and 3 percent of the sales price. There are standard documents and exhibits that are commonly required for a loan closing. Some of these will be your responsibility. Some of these will be the responsibility of other parties to the transaction, such as the homebuyer and lender. All rights reserved.