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| LUTHENS LAW OFFICES |
| Des Moines Office |
| West Towers Building , Suite 206-24 |
| 1200 Valley West Drive |
| West Des Moines, Iowa 50266 |
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| Colfax Office |
| Luthens Law Building |
| Eight West Howard Street |
| Colfax, Iowa 50054 |
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| Telephone: (866) 579-3816 |
| Email: info@luthenslaw.com |
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| The workers compensation & personal injury claims and settlement attorneys at the Luthens Law Offices, P.C. are dedicated to serve their clients in central Iowa, including the cities of West Des Moines, Colfax, Sioux City, Council Bluffs, Des Moines, Fort Dodge, Ames, Cedar Rapids, Iowa City, Davenport, Dubuque, Waterloo and Burlington , and the communities that make up Woodbury, Pottawattamie, Polk, Webster, Story, Linn, Johnson, Scott, Dubuque, Black Hawk, and Des Moines counties. |
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REAL ESTATE | BACK TO PRACTICE AREAS
FREQUENTLY ASKED QUESTIONS |
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I. Brokers
II. Contracts and Transfers
III. Mortgages and Foreclosure
IV. Deeds
V. Home Inspection
VI. Closing
VII. Glossary
VIII. Internet Resources |
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What to Expect at Closing
Closing a purchase for real estate varies in each state. While some closings are done in your attorney’s office, others are completed in title offices. Either way, the closing meeting is where the ownership of a property is officially transferred. Generally, the closing is attended by the buyer, seller, their brokers, and the closing agent. If the buyer is borrowing money to complete the purchase, a representative of the lender may also attend. All open issues should be settled before the closing, yet not always. At the closing, any remaining open issues are settled, the closing statement is verified, and all necessary documents are signed. A real estate attorney can help to advise you through this process.
While good closing agents try to help buyers through the complicated aspects of the closing, an attorney’s assistance can be invaluable in determining that closing costs are allocated fairly. Closing costs can vary from between two to five percent of a property’s purchase price.
The closing costs cover a large number of one-time fees. For the buyer, they also include the first year’s payment for homeowner’s insurance, real estate tax and one month of property taxes escrow, and mortgage interest. Other fees covered in closing costs include but are not limited to:
- Attorney fees
- Loan origination fees and rate discount points
- Appraisal fees
- Recording fees
- Survey fees
- Document preparation fees
- Inspection fees
- Homeowner’s association fees
At a closing, the seller and buyer will provide items required by the contract, such as proof of homeowner’s insurance, warranties, and other documents. Once both parties have approved the closing statement and all documents, the seller and buyer sign the statement, the buyer signs the mortgage, and the seller signs the deed and transfers ownership. Generally, the buyer pays all closing costs unless otherwise stated in the purchase contract. The closing agent provides the buyer with a settlement statement detailing the closing costs, and then records the deed and (when applicable) the mortgage.
The buyer usually receives the following documents:
- Settlement statement
- Mortgage and mortgage note
- Copy of the deed
- Truth-in-Lending statement
- Sales contract
- Keys to the property
- Any required affidavits
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DISCLAIMER: The information you obtain at our firm web site is not, nor is it intended to be, legal advice. It is recommended that you should consult an attorney for individual advice regarding your own situation.
Copyright © MMVII JAKOBIE
If you would like to schedule a free initial consultation contact an attorney representing clients in Cedar Rapids, Iowa at the Luthens Law Offices, P. C.. Give us a call at (866) 579-3816 or email us at Info@luthenslaw.com. |
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