So, what exactly are all these papers that you're signing at closing?
You've done a lot to buy your new home. You’ve looked at house after house, made offers and counter-offers, signed a final contract, applied for a mortgage, been through qualification and underwriting – and at the end of it all is closing.
And it's at closing that you’re presented with a small mountain of paperwork; a stack of legal documents that, while not quite as high as the Mallory Step on Everest, still can be quite daunting nonetheless.
Closing can be intimidating, especially for first-time homebuyers told by their mothers never to sign anything without reading it first. Even for experienced homebuyers, signing the closing papers can be nerve-wracking, and they'll often comment that they feel like they’re signing their life away without knowing exactly what they are signing.
There is some good news about closing though: First, there really is no document which signs your life away. Really. The second is that many of the documents are fairly standardized, and are signed at each and every closing.
The documents typically signed at each closing include:
There are also a number of other documents that are typically signed at every closing: papers by which you swear that you still have your job, promise to cooperate with your lender if documents need to be corrected later, and acknowledge that there are no side agreements between you and the seller. On top of that there are usually other affidavits, certifications, and disclosures which may required by your specific lender. Again, these are all typically very standardized documents and do not differ greatly from closing to closing.
If you’d like to review a sample lender’s loan package before closing, simply click here for a conventional loan and here for a FHA loan. These sample packages include documents both for you and your closing attorney. While the actual papers you sign at closing may be a little different, the form and substance of the documents you sign should be fairly similar to these.
We'd love to be your closing attorneys. Want to know more? Contact us and we'll be happy to discuss how Harlan and Associates can be of service to you!