Buying a home is one of life’s most exciting experiences. When the offer for the home of your dreams is accepted, all that’s left is to finalize the paperwork and the financing. That’s where Commonwealth Suburban comes in.
We have the knowledge and experience in real estate to ensure everything goes smoothly from document preparation to legalities and everything in between. Our specialties include:
- Procuring complete and accurate payoff statements
- Communication with the lender to assure smooth flow of all processes
- Preparation of HUD-1 forms (closing disclosures?)
- Preparation of the proper affidavit of title
- Timely forwarding of title transaction package to the lender
- Recording of required official documents
- The proper disbursement of money
- Assuring the return of the transaction package to the lender
At Commonwealth Suburban, our closing specialists and real estate title attorneys are all under one roof, so you get a smooth, streamlined closing process that is thorough, efficient, and accelerated.
All About the Closing Process
The closing process can be overwhelming for most, and it can take anywhere from 30 to 90 days. Make sure you understand what you need to have in place prior to closing on a home.
These costs cover any services required for the property to change hands, such as title work, appraisals, inspections, document preparation, recording fees, etc. Depending on your state, they can total anywhere from 1% to 2% of a home’s purchase price, and typically cover:
Mortgage Costs – Loan origination fee, document preparation, points, commitment fee, underwriting fee
Outside Vendor Costs – Appraisal, credit report, flood determination fee
Title Costs – ‘Closing’ settlement fee, title/abstract search, title insurance premium (for lender and owner policies)
Government Fees – Title recording and transfer tax fees
You will also be responsible for any ‘pre-paid items’, which include the upfront payment of typical ‘year one’ home ownership costs, such as homeowner’s insurance premiums and real estate taxes. These can add another 1% to 2% of the home’s purchase price.
Owner’s Title Insurance
While not necessary, having an Owner’s Title Insurance policy can be an excellent investment. It protects your ownership interest in your home for as long as you or your heirs own it, in the event your ownership is challenged by any title mistakes or irregularities that occurred prior to the issuance of the policy.
In short, a relatively low, one-time title insurance premium covers you against any pre-policy title defects that could otherwise cost you tens of thousands of dollars, and even your home.
An escrow is an arrangement in which a neutral third party, called a settlement agent, holds legal documents and funds on behalf of a buyer and seller. The settlement agent distributes funds and documents according to the buyer’s and seller’s instructions. By acting as a neutral third party on behalf of the buyer and seller, the settlement agent can save time and facilitate the real estate closing.
What Should I Bring to the Closing?
Be sure to bring the following to your closing appointment:
Valid photo identification (e.g. driver’s license)
Social Security Number(s)
Wired funds or a cashier’s check payable to Commonwealth Suburban Title Agency for funds needed to close. Please note that funds in excess of $10,000 must be submitted to Commonwealth Suburban via wire transfer, according to the Ohio Good Funds Law. Contact our office for wire transfer instructions.