This video simplifies things and explains what happens on closing day and what payments they buyer and seller might be responsible for. You’ll present your paid homeowner’s insurance policy or a binder and receipt showing that the premium has been paid. The closing agent will list the money you owe the seller, remainder of down payment, prepaid taxes, and so on. The money the seller owes you, such as unpaid taxes and prepaid rent, if applicable, is also specified.
The seller will provide proof of any inspections, warranties, and so on. Once you’re sure you understand all the documentation, you’ll sign the mortgage, agreeing that if you don’t make payments the lender is entitled to sell your property and apply the sale price against the amount you owe, plus expenses.
You’ll also sign a mortgage note, promising to repay the loan. The seller will give you the title to the house in the form of a signed deed. You’ll pay the lender’s agent all closing costs and, in turn, he or she will provide you with a settlement statement of all the items for which you have paid.
The deed and mortgage will then be recorded in the state Registry of Deeds, and you will be a homeowner.