What to Expect at a Real Estate Closing

A real estate "Closing" is the procedure by which the title to the
property is transferred from the seller to the purchaser. If the purchaser has
obtained a loan, the lender's required documents are signed and executed at this
time.

The closing attorney's role at closing is to represent the lender's interest
and the closing attorney is not authorized to provide legal advice to the buyer
or the seller. You are more than welcome to have your attorney with you at the
closing. But most people in Florida do not feel the need. Feel free to consult
with your own attorney, if you feel legal advice is needed.

Prior to the Closing

· You will need to obtain Homeowners Insurance and provide proof of intended
coverage prior the closing. This must show the lender as loss payee. Have your
insurance agent contact our office and we will be glad to supply them with the
pertinent information needed.

· If the terms of the contract have changed make sure we have been made
aware of these changes. This may affect the loan amount or fees that will need
to be adjusted. Handle disputes regarding contract terms, price negotiations and
repairs prior to the closing.

· Prior to the closing date the loan officer should advise you on the
approximate amount of funds needed at the closing. We make every effort to
provide an accurate amount needed to close the transaction. But please note that
a "Good Faith Estimate" is merely an "estimate" and may not
include some items that appear in the final calculation, such as owner's title
insurance, homeowners dues, adjustments to the per day pre-paid interest, funds
needed for the escrow account and other fees.

· Contact your real estate and/or seller for any final details that need to
be worked out prior to the closing.

At The Closing

For a typical closing, plan on spending about one hour's time with the
closing attorney.

· You will need to bring a photo identification and either certified funds
or a cashier's check made payable to yourself. You can endorse it over to the
attorney at the closing. If it is made out for too much the attorney will refund
the overage. If it is not enough you may write a personal check for the
difference. You may also need to bring other items required by the lender.

· All parties will review of the HUD-1 Settlement Statement detailing costs
and make any adjustments if necessary.

· You have a right to read all of your closing documents before you sign.
The closing attorney will give you concise explanations of each document. The
closing documents must be executed as written. No changes may be made to the
wording of the lenders closing loan documents.

· A review of the termite clearance letter obtained by the seller indicating
that the letter is not more than 30 days old and verifying that no active
infestation was found and no structural inspection was required.

· The disbursement of the proceeds of the transaction and a payoff of all
current liens against the property.

After the Closing

To complete the closing of the transaction, the attorney will do the
following:

· Record in the county land records all documents such as the warranty and
security deeds.

· Return to the lender the completed loan package. · Disburse all
funds in accordance with the HUD-1 Settlement Statement. Real estate
closings vary by state but this should give you an overview of what will take
place. If you have any question speak with your loan officer prior to the
closing,

Adrian Skiles, GML

Mr. Skiles, GML has over 20 years experience in the mortgage and real estate
industry. He is currently President/Broker of Florida MortgageGroup, Atlanta
Mortgage Group and The Mortgage Group of North Carolina. On the web at http://www.efloridamortgagegroup.com/,
http://www.atlantamortgagegroup.com/
and http://www.mortgages-northcarolina.com/.