Closing on a Columbia SC Home

A typical closing is a meeting between the buyer(s), seller(s), representatives or agents for the lender (and title insurance company in some cases) and the real estate broker. The purpose of the meeting is to transfer title (ownership) of the property from the seller to you, the buyer.

In Columbia, SC a typical real estate closing is a meeting between the buyer(s), seller(s), representatives or agents for the lender (and title insurance company in some cases) and the real estate broker. The closing process is handled by an attorney who specializes in real estate law. The purpose of the meeting is to transfer title (ownership) of the property from the seller to you, the buyer.

In some cases the real estate broker may represent both you and the seller. However, when you have an exclusive buyer's agent from Earth Available Realty, Inc.represent you, you will never have to worry about the real estate broker trying to represent both you (as the buyer) and the seller. Exclusive Buyer's Agents will never represent both parties in a transaction.

WHAT HAPPENS AT THE CLOSING?

• The attorney will ask for your paid insurance policy (or binder) on your Columbia SC house.
• The attorney will review with you and the seller a document known as the HUD_1, which lists all the money involved in the transaction; where it came from and what it went for (what you owe to the seller: remainder of the down payment, pre-paid taxes, etc.; and what the seller owes you: unpaid taxes, pre-paid rents, etc.).
• You will sign the mortgage or deed of trust (the legal document giving the lender the right to take back the property if you fail to make your mortgage payments).
• You will also sign the mortgage note (the promise to repay the loan in regular monthly payments).
• You will then be “loaned” the money to pay the seller for the house.
• The title (proof of ownership of the property) passes from the seller to you, usually in the form of a Deed (the document that transfers the title) signed by the seller.
• The attorney will collect any “balance due” from you, and give you a Loan Disclosure Statement (a list of all the items you have paid for. Be sure to keep this.)
• The deed and mortgage will then be recorded (put on file) in the town or county Registry of Deeds. A copy of these documents should be mailed to you within a few days. Be sure to keep them in a safe place along with your other records.

This Home Buying Tip was excerpted from:

The Homebuying Guide, by Antony A. Phipps and Norma F. Moseley - Abt Books, 1978

ISBN# 089011527

GO BACK

• Search for Lake Murray real estate
  and other Columbia SC properties.