CLOSINGS


A real estate closing is the time at which the property is formally sold and transferred from the seller to the buyer.  It is at this time that the buyer takes on the loan obligations (if obtaining a mortgage), pays all closing costs, and receives title from the seller.



Our role at the closing is to review and have you sign the Settlement Statement, the transfer documents, and the various lender documents if you are obtaining a mortgage. We ask that you review the Settlement Statement carefully prior to and at the closing to be sure you have a good understanding of how your money will be disbursed. We also ask that you let us know if we describe any loan terms that are different than you are expecting. At the completion of the closing, either our office or the lender’s closing attorney will collect the money due from you and the lender. Checks will then be disbursed according to the Settlement Statement to pay the seller and all the closings costs. We will also provide you with copies of all the documents you signed after the closing.


Real Estate Closing Lawyer- Burlington, Colchester, Essex, Milton, VT — Peet Law Group

The following are some of the documents you are likely to see at your closing:


Promissory note:
The promissory note is the document that establishes your obligation to repay the money that you borrow to buy the property. It sets forth the interest, term of loan and amount of monthly payment.


Mortgage:
The mortgage establishes the lien against the property and has the effect of securing the promissory note. It will be recorded in the land records with your deed and allows the lender to foreclose if you are in default with the promissory note.


Loan Application:
You will be asked to sign the final typed version of your loan application (you may have already prepared a handwritten form earlier).


Payment Letter:
Tells the buyer the breakdown and amount of the first payment and when it is due and where it is to be sent (This sets forth the actual amount of the principal and interest plus escrow for PMI, insurance and taxes).


Name Affidavit:
To the effect that various variables of one’s name are nonetheless one and the same person.

Real Estate Closing Attorney - White River Junction, Hartford, Quechee, Woodstock, VT — Peet Law Group

Warranty Deed:
A written instrument duly executed and delivered by the seller for the purpose of conveying title to real estate. The Warranty Deed contains a covenant whereby the seller agrees to protect the buyer against any claim to the property not recited in the deed. The original will be recorded in the town or city land records.


Closing Disclosure or HUD-1 Settlement Statement:

The Closing Disclosure is a form required by the federal government which describes the loan terms and itemizes all the costs and expenses of the transaction. It discloses the purchase price, loan amount and various closing costs and adjustments. It shows the net amount the buyer needs to bring to closing and the net amount seller will be receiving at closing.  A HUD-1 Settlement Statement is often used with cash purchases when the Closing Disclosure is not required.  It provides a summary closing disbursements similar to the Closing Disclosure.


We'd love to hear from you! Call our friendly team at (802) 860-4767 today.

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