The Closing

What is a closing?

Closing, which is also known as "settlement" or "escrow", is the process where the title to a property is transferred from the seller to the buyer. A closing is typically held in an office, such as that of a title insurance company. A title agent is licensed to complete all necessary paperwork to finalize the agreement between the buyer and seller. In addition, all financial issues will be settled at closing. Once the title is successfully transferred, the necessary documents are prepared, signed and filed with the local authorities.

What are closing costs?

Closing costs are all necessary costs required to close a real estate transaction. They can include real estate agent fees, lender fees, property taxes, title insurance, survey fees, primary mortgage insurance (PMI) and the balance of any down payment required. Prior to closing, you will receive for review a final closing statement or HUD-1 Statement to ensure all calculations are correct. This statement will also include any credits due to the buyer or seller. It is wise to check this statement to make sure it is accurate and items listed were previously disclosed.

How much does title insurance cost?

Indiana has some of the lowest rates for title insurance. However, charges may vary in different counties throughout the state. Generally, the cost of title insurance (including search, examination and related services) amount to about one percent or less of the cost of the property. Unlike most premiums, which are paid annually, a title insurance premium is paid only once, usually at settlement.

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