What to Expect at Closing

The closing meeting is where the ownership of a property is officially transferred. Generally, the closing is attended by the buyer, seller, their brokers, and the closing agent. If the buyer is borrowing money to complete the purchase, a representative of the lender may also attend. At the closing, open issues are settled, the closing statement is verified, and all necessary documents are signed. A real estate attorney can help to advise you through this process.

While good closing agents try to help buyers through the complicated aspects of the closing, an attorney's assistance can be invaluable in determining that closing costs are allocated fairly. Closing costs can vary from between two to five percent of a property's purchase price.

The closing costs cover a large number of one-time fees. They also include the first month's payment for homeowner's insurance, property taxes, mortgage interest, and real estate tax escrow. Some of the fees covered in closing costs include but are not limited to:

  1. Attorney fees
  2. Escrow fees
  3. Loan origination fees
  4. Appraisal fees
  5. Recording fees
  6. Survey fees
  7. Document preparation fees

Contact a Iowa real estate lawyer representing clients in Altoona, Iowa today to schedule your initial consultation.

At a closing, the seller and buyer will provide items required by the contract, such as proof of homeowner's insurance, warranties, and other documents. Once both parties have approved the closing statement and all documents, the seller and buyer sign the statement, the buyer signs the mortgage, and the seller signs the deed and transfers ownership. Generally, the buyer pays all closing costs. The closing agent provides the buyer with a settlement statement detailing the closing costs, and then records the deed and (when applicable) the mortgage.

The buyer usually receives the following documents:

    Settlement statement
    Mortgage and mortgage note
    Copy of the deed
    Truth-in-Lending statement
    Sales contract
    Keys to the property
    Any required affidavits

If you would like to schedule a initial consultation contact an Iowa mortgage and foreclosure attorney, representing clients in Altoona, Iowa at Howes & Anderson P.C. Give us a call at (515) 225-9000 or complete our inquiry form.