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 Closing
Information and tips on closing on a home in Columbus and Central Ohio.
- Walk though the property before closing, especially if you are getting possession at closing. This way you can determine if the Seller has breached the contract prior to giving them your money. This is only possible if your contract permits it.
- Review the HUD 1 settlement statement. This document details all the cash flows in the transaction, and the bottom line figure will tell you the amount that you need to bring to closing. It must be either a cashier's check or certified funds bank check. Do not pay with a personal check. It is usually a good idea to bring your checkbook along to closing though, in case someone has made a mistake in the final calculation and you need to pay the difference.
- Have an attorney review the legal documents such as the deed, title insurance comittment, loan agreement, and mortgage.
Checks a Buyer needs to write and when: - Loan application: $50 for credit check and $250 for appraisal
- Earnest money: Varies.
- Home inspection: $250 +/-
- Home owner's insurance: $300 +/-
- Down payment.
- Closing costs not yet paid for along with any escrows and interest through the end of the month.
These amounts can vary depending on the size, age and location of the house. Since interest is paid through the end of the month at closing, the cash outlay needed will be lower if closing is closer to the end of the month.
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