Real Estate

Closing on a house marks the beginning of a new lifestyle for homeowners since ownership of the home is transferred. Here’s what to expect at the closing and how long it takes to close on a house.

What are closing costs?
Closing costs are the fees and expenses that the homeowner must pay before he/she becomes the legal owner of the house, condo or townhome. Expect to pay 2 percent to 5 percent of the mortgage loan in closing costs. Fees vary in each state and some have additional ones.
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Published January 17, 2020 via https://magazine.realtor/daily-news/2020/01/17/what-exactly-do-closing-costs-cover

A home costs more than just the sale price. For example, closing costs- which make up about 2% to 5% of the home's purchase price- are a major added expense. Michael Hyman, a research data specialist at the National Association of REALTORS®, shares the charges that make up closing costs in a post at the association's Economists' Outlook blog so that home buyers can be prepared.

Lenders provide a Closing Disclosure at least three business days prior to closing on a mortgage.
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Buying a home is an exciting experience, but one that is also very stressful. There are a myriad of details to handle, such as selling an existing home and obtaining financing. Once your loan has been approved, moreover, getting to the closing table can also be a challenge. Ultimately, an experienced real estate attorney can help to ensure the loan closing goes smoothly. In the meantime, this article is a discussion of an attorney’s role in a real estate settlement.