As you get closer and closer to closing on your new
Who Will be at The Closing?
The closing meeting is the finalization of all things between the buyer and seller. There are several important people will need to be present at your closing besides the buyer and seller. Other key people who should be at your closing include the title company representative, the mortgage lender, and possibly your real estate lawyer if you have chosen to use one.
What Does The Seller Give to The Buyer at Closing?
For your Duval County property, the seller is required to give you the title to the home in exchange for the agreed upon price. You will receive a deed, insurance, and evidence of title. Additionally, you will receive the property’s plat of survey, as well as proof of any repairs made as applicable based upon the home inspection. The property plat is your diagram which tells you exactly where your property boundaries lie and the exact dimensions of your home. The title is the document which says that you legally own the home and the deed is the document which conveys title of ownership of your property. Also, you must be sure to get all of the keys to the home, mailbox, and any garage door openers for the property. For the seller, this is called ‘delivering possession of the property’. When you receive your keys, the deal is done.
What About Closing Costs?
Closing costs on Duval County real estate will differ. No two deals are ever the same, but there are estimations of closing costs which you should be aware of and be prepared for at closing. Commonly, there are about seven different fees which are considered ‘closing costs’. These are title, title insurance, recording fees, mortgage, attorney, real estate transfer taxes, and homeowner’s insurance. These fees should be in the following ranges in most circumstances:
- Title Fee – between $300 to $500; title insurance fee – between $575 to $5000+
- Recording Fees – between $150 to $300; mortgage fees – between $700 to $2,000
- Attorney Fees – between $400 to $2,000
- Real Estate Transfer Fees – varies by location
- Homeowner’s Insurance – between $200 to $2,000.
As you can see, closing costs can be very costly. Prepare to have several thousand dollars within your budget to account for closing costs.
The closing meeting is all about finalizing the deal. The documents will ‘cross the t’s and dot the i’s’ so that the property is legally yours when the deal is done. Knowing what to expect and what is required is helpful to ensure a smooth transaction.
Posted by Carey Frankel on
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