ANDY MACPHERSON
ANDY MACPHERSON

 Home Buyer's Guide - closer look at...

Understanding the Closing Documents
Bring a good sturdy pen to the closing - you'll have a lot of signing to do.

There are a number of documents that have to be reviewed and signed at the closing. Each serves a different purpose, but all - or most - are required to complete the purchase.

The Note
This is your contract with the lender whereby you agree to repay the loan with interest as specified.

The Mortgage
The mortgage provides the lender with a claim against the home you are purchasing as security for the note.

Truth in Lending Form
This is a form that confirms that your lender has disclosed all loan costs to you in accordance with legal requirements.

RESPA
This stands for, "Real Estate Settlement Procedures Act." It is essentially a declaration that you understand the closing procedure.

Closing Statement (HUD-1)
This is an accounting of all amounts that are due to and from the buyer and seller in the transaction. The HUD-1 lists all of the uses of the sale proceeds, including the payoff of the seller's mortgage, apportionments for property taxes, real estate commissions, etc. The statement is used to determine a final amount of cash that is due to or from the buyer and seller.

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ANDY MACPHERSON
W F Chesley Real Estate, LLC.
1641 ROUTE 3 NORTH, SUITE 202
CROFTON, MD 21114
Office: (301)261-6700 ext: 106
Fax: (301)858-0722
Toll Free: 888-ANDYMAC
Cell: (301)509-5169
Residence: (301)261-6700