Closing or settlement is the formal process by which ownership of real property passes from seller to buyer. It is when title to the property is transferred from seller to buyer.
In Texas, closing usually takes place at the Abstract Company designated on your contract. Your realtor will arrange an appointment, with the buyer closing first and the seller and sellerís agent closing second. Your Legacy Realtor will accompany you to closing.
The closing agent will have all documents pertaining to the transaction, including the mortgage, deed and deed of trust note, survey, and inspection reports. The abstract company will explain the HUD Settlement Statement outlining all costs involved in the transaction. You will be supplied with copies of all pertinent papers.
After reviewing all papers, you will sign documents and deliver certified funds for the remaining balance due.
The abstract company will record all necessary documents and mail them to you after recording. They will also mail you a copy of your title policy after issuance.
When the paperwork has been signed by all parties, and closing papers have been approved by your mortgage company, funding will take place, and your new house is yours to move into and enjoy!