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What to expect when you are Clear-to-Close

Closing, or settlement, is a meeting where final documents are signed, and ownership of the home is transferred from the seller to the buyer.

Closing, or settlement, is a meeting where final documents are signed, and ownership of the home is transferred from the seller to the buyer. Review your settlement statements closely. If you note any large variations from the estimated costs your lender originally provided, reach out and ask questions. Schedule a walk-through of your new home, making sure it’s in the condition you agreed upon. Don’t feel rushed and ask questions about anything you don’t understand.

 

ESCROW

A real estate contract may require the buyer to provide an earnest money deposit to show the seller their sincerity in purchasing a property. Generally, the funds are held in an escrow account established by a closing/settlement agent or attorney for the purpose of disbursing funds being held on behalf of others.

 

WHERE AND WHO?

In accordance with signed contracts, the buyer or seller involved in the transaction will select the closing/settlement agent to act as a neutral third party to handle funds, documents, and tasks specific to the transaction, as outlined on the real estate purchase agreement or sales contract. The closing/settlement usually takes place at a title company or an attorney’s office. A closing agent and all borrowers and real estate agents are typically present.

 

PROCESS

The closing agent will outline the money you owe, such as the remainder of a down payment and taxes, as well as any credits from the seller. All costs will be detailed on your settlement statement. You will sign a document indicating that you have accepted the mortgage loan from your lender. You will sign several affidavits and declarations, which are legally binding documents that spell out your financial obligation and right as a homeowner. Your title company will transfer the money to the seller on your behalf. The seller will sign the deed, transferring the ownership of the property to you. The title company will prepare and record all the documents.

 

CLOSING

Once all the tasks described within the purchase agreement have been completed and the appropriate funds are disbursed, the transaction is complete.

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Complaints may be directed to Hallmark Home Mortgage at 855.249.7731 or an email may be sent to: complaints@1hallmark.com

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Hallmark Home Mortgage, LLC (NMLS # 53441) is an Equal Housing Lender. Hallmark Home Mortgage is not endorsed by any government agency. Reviews and comments have been submitted by customers voluntarily, are solely the views of such customers, and have been screened by Hallmark Mortgage LLC prior to publication in accordance with our guidelines. Customers were not compensated for their reviews/comments but were informed that the submittals may be used in Hallmark Mortgage LLC advertising. Hallmark Home Mortgage, LLC (NMLS # 53441) is not licensed to originate in all states. All rights reserved. NOTICE: All loans are subject to credit, underwriting, and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. This is not a commitment to lend nor an offer to enter into a rate lock agreement. Terms, conditions and programs are subject to change without notice. Certain limitations apply. Contact us for additional details. Not all offices are licensed in all states. Visit: https://www.hallmarkhomemortgage.com/disclosures for complete licensing information. Through UnitedHealthcare, UMR and HealthSCOPE Benefits creates and publishes the Machine-Readable Files on behalf of Hallmark Home Mortgage. To link to the Machine-Readable Files, please click on the URL provided: https://transparency-in-coverage.uhc.com

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