Los Angeles Real Estate Lawyer – WHAT TO EXPECT AT CLOSING
The timely, cost-effective resolution of complex real estate matters calls for an attorney who has exemplary legal skills and is experienced in effectively negotiating solutions that are both legally sound and resistant to future litigation. To find out how our firm can work with you to address your immediate needs, contact us to schedule a consultation and case evaluation with real estate attorney.
For more than 35 years, DiJulio Law Group has represented clients in Southern California and Montana in a wide variety of real estate matters. We are experienced attorneys, ready to go to work to help you resolve your issue efficiently and effectively.
Contact the Los Angeles real estate lawyers at DiJulio Law Group at (818) 502-1700 to discuss your case.
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What to Expect at Closing
A closing, or settlement, is the meeting during which ownership of the property is officially transferred from the seller to the buyer. The buyer and the seller, their attorneys, both real estate sales professionals, a representative of the lender and the closing agent typically attend the closing. The closing involves settling any open issues, balancing and verifying an often-complex closing statement and signing all documents necessary to complete the transaction.
An attorney with experience in closing real estate transactions from DiJulio Law Group in Glendale, CA, will advise you at closing to ensure that your rights are protected.
Closing Costs
Closing costs are one of the least-understood aspects of the home purchase procedure.
Although a good closer will take time to walk a buyer through the numbers, an experienced attorney from DiJulio Law Group will provide additional insight and verify that the costs are being appropriately allocated between the buyer and the seller.
Closing costs vary somewhat by community, but they generally are between two and five percent of the home’s purchase price and include:
- Attorneys fees
- Escrow fees
- Property taxes to cover the period to the closing date
- Interest from the closing date to one month before the first monthly payment
- Loan origination fees
- Recording fees
- Survey fees
- Mortgage insurance, if applicable
- Title insurance, both for the buyer and the lender
- Loan discount points
- The first escrow payment for future real estate taxes and insurance
- Homeowner’s insurance policy payment or receipt
- Appraisal fees
- Pest or other specific inspection fees
- Document preparation fees
What Happens at Closing?
At closing, the buyer typically presents his or her paid homeowner’s insurance policy or a binder and receipt showing a paid premium. The closing agent will then list the amounts the buyer owes the seller and the amounts the seller owes the buyer. The seller will provide any items the contract requires him or her to provide. Once the parties have verified that the numbers are correct, the parties sign the closing statement, the buyer signs the mortgage note and the mortgage, and the seller gives the buyer title to the property in the form of a signed deed.
The buyer often pays the lender’s agent all closing costs, and the closer provides the buyer with a settlement statement listing all the monetary items. Immediately after closing, the closing agent should record the deed and mortgage.
Documents the Buyer Receives
The buyer typically receives:
- Settlement statement, itemizing the services provided and the fees charged
- Truth-in-lending statement
- Mortgage note
- Mortgage or deed of trust
- Sales contract
- Any required affidavits, if any
- Copy of the deed
- Keys to the home
Speak to our real Estate Lawyers Los Angeles
A closing can move very quickly, with both parties discussing and sometimes disagreeing about the numbers, all of which ultimately represent your hard-earned money.
An expert Los Angeles real estate lawyer from DiJulio Law Group in Glendale, CA, can help you protect your rights.
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