At Hutchens, Senter & Britton, P.A. Our goal is to help you feel comfortable and informed regarding your upcoming home closing. Here is some general information regarding closings. Please contact our office for more information.

Closing Highlights

• Attorneys do title searches, acquire title insurance for buyers, and handle the closing transaction
• Attorneys and real estate agents work with lenders to coordinate the closing, making sure everything is handled on time.
• Attorneys prepare deeds for sellers.
• Buyers and sellers contract with the attorney of their choice. We usually recommend that home buyers and sellers use different attorneys so that each party has unbiased representation if problems develop that require negotiation.

Typical Home Buyer Expenses

• Home inspections
• Surveys
• Pro rata share of yearly property taxes, property association dues, and other similar fees (prorated for date of closing)
• Attorney fees for title search and closing
• Title insurance policies, home insurance, lender fees, flood zone certification fees, recording costs
• Initial deposit for escrow accounts for property taxes and insurance 
  

Typical Home Seller Expenses

• Deed preparation (attorney fee)
• Tax stamps, an excise tax based on sales price
• Prorated share of property taxes, property association dues, other similar fees
• Real estate commission if a realtor is involved
• Fees associated with loan payoff or transferring funds into a checking account (overnight fees, electronic fund transfer)
• Any costs seller agrees to share with the buyer

Typical Buyer's Step-by-Step Progression

1. Buyer makes offer, seller accepts (that sure sounds easier than it actually is!).
2. Parties sign a contract.
3. Buyer's earnest money (good-faith deposit) is placed in the listing realtor's trust fund.
4. Buyer obtains mortgage loan commitment.
5. Lender orders appraisal (buyer or agent might order it for a cash purchase).
6. Inspections are ordered after an acceptable appraisal is received.
7. Any repair issues are negotiated with the seller.
8. Termite inspection is ordered (must be within 30 days of closing).
9. Surveys are ordered after a successful appraisal and inspections.
10. Buyer applies for hazard insurance, and the information goes to the lender and closing attorney.
11. Nearing closing date, buyer arranges for utilities to be switched over.
12. Closing takes place at the office of the buyer's attorney. The seller's attorney has forwarded signed deeds to the closing attorney.
13. Buyer's lender gives attorney certified funds to pay for closing and signs loan documents and other required documents.
14. Attorney records deed at the courthouse and disperses funds due to all parties.