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Closing Day:

Documents, Costs and How titlegenius by Radian Can Help

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Whether you’re buying a new home or refinancing your existing one, reaching closing day means that you’re in the home stretch of your real estate transaction.

The term closing (also called “the signing” or “the settlement”) refers to the point in the transaction when you sign all of the documents necessary to finalize your home purchase or refinance. 

Fast Facts About the Closing Process
  • The closing may take place at your home, a convenient public location (like a coffee shop), at the title company office or virtually via a remote online notary.
  • Some locales routinely conduct the closing for the buyer and seller at the same time, in the same setting, which is called a roundtable closing. 
  • titlegenius by Radian can accommodate either form of closing in most locations. It’s critically important to meet contract timelines, so please plan ahead.
titlegenius by Radian is committed to educating you about the closing process so that you can come to the table prepared, confident and knowledgeable.

So, what happens at closing? Keep reading to learn more about the closing process or get a quote to see how choosing titlegenius by Radian gives you more control. 
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How do I prepare for closing day?

Congratulations! The home has been appraised, the inspection is complete, title is clear and the loan is approved. You’re in the home stretch. It’s time to exchange relevant documents and funds to close the deal.

 

For Home Sellers

Although the buyer will have the majority of the signing to do, there are still documents the seller will need to execute. The documentation will vary depending on your state, but here are certain important papers you will likely review and sign at closing: 

  • Closing Statement: An itemized statement of all the money that is exchanged at settlement
  • Closing Disclosure: This represents the lender’s accounting of the costs associated with the loan, including any applicable closing fees. If you as the seller offer to pay any of the buyer’s fees for obtaining a loan, you’ll likely receive a copy. 
  • Affidavits: Seller attests that all liens and possible title defects affecting the property have been addressed. 
  • The Deed: The official document used to transfer ownership; it is filed with the county recorder and made public. 
  • Bill of Sale: This covers any personal property that is being left to the next owner. 

 

What should you bring to closing? 

You don’t need to bring much, usually just a government-issued photo ID, any outstanding documents or paperwork your escrow agent instructs you to bring, and a certified or cashier’s check if there are any closing costs that aren’t being deducted from the sales price.

 

How long will the closing take? 

Assuming this is not a roundtable closing, seller-side signings generally take 20-30 minutes.

 

For Home Buyers 

If you are securing a home loan in connection with your home purchase, you will be facing a serious stack of paperwork. But don’t fret, our closing professionals will help guide you through, making the process less daunting. Documents you can expect to see during the closing process are: 
  • Closing Disclosure: Your lender is required to send this document three days prior to closing. The Closing Disclosure outlines your mortgage loan terms, conditions, payments, and funds required to close.
  • Loan Application: You will review and sign your loan application one more time. 
  • Promissory Note: This is your promise to pay. Make sure you read it thoroughly; these are the terms under which you are obtaining the loan.
  • Deed of Trust/Mortgage: The deed of trust or mortgage secures your home as collateral for the loan.
  • Lender Disclosures: It might feel like you are signing the same document over and over. These are mainly consumer protection documents, ensuring you are fully aware of your obligations under the loan.
  • Title Affidavits: Buyer attests that they are unaware of any title defects not disclosed in the title commitment.
  • Bill of Sale: This covers personal property being conveyed to you, attached with the sale. 

 

What should you bring to closing? 

You should bring a government-issued photo ID, any outstanding documents or paperwork your escrow agent instructs you to bring, and a certified or cashier’s check for cash-to-close. Note that cash or personal checks may not be accepted and can result in closing delays. 

 

How long will the closing take? 

Assuming this is not a roundtable closing, buyer-side signing generally takes 45-60 minutes. 

titlegenius by Radian provides you and your agent the tools to help you prepare and ensure your closing goes as smoothly as possible. With timely and transparent status updates, you’ll have full visibility into:
  • Any issues with your title search that were resolved prior to closing day
  • Your title insurance commitment and its requirements
  • Closing date and time per the sales contract
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What are closing costs and how much are they?

In a real estate transaction, closing costs include any fees, commissions, taxess or miscellaneous expenses. The actual closing occurs when the title of the property is transferred from the seller to the buyer. Both homebuyers and sellers have closing costs. It’s common to negotiate who pays for what ahead of the closing.

A homebuyer will typically pay between 2-5% of the purchase price in closing fees. For example, if the home you purchased cost $200,000, you can expect to pay in the range of $4,000-$10,000 in closing costs.

Closing costs vary from state to state. In general, these are some of the typical closing fees you might find in a real estate purchase or sale:

  • Recording fees
  • Notary fees
  • Commissions for listing and selling agents
  • Mortgage payoff balance
  • Bank processing fee
  • Origination fees
  • Appraisal fees
  • Tax servicing fee
  • Flood certification fees
  • Title insurance

To get any additional closing day questions answered, speak with one of our Radian representatives.

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