Wednesday, May 18, 2011

Real Estate Tips from Bob Rich-Mortgage, Deed & Closing

OK, Mr. Buyer, it’s time to close the house purchase. There will be two very important documents given to you --- the mortgage and the deed. As the buyer, you will be signing two papers for the mortgage. One is the bond (or note), which is a personal promise to pay back the debt. The other is the mortgage itself, which gives the lender a claim against your house if you do not pay back as agreed. Then the lender will give you a check (probably the largest you’ll ever see). You get to hold it
just long enough to endorse it and turn it over to the seller.

Actual transfer of the property takes place when the seller signs the deed and hands it over to the buyer. After the closing, someone will have the deed copied into the public records. It will probably be sent to you later. If no one is available to record the deed, talk to the county clerk and do it yourself --- immediately.

Recording the deed promptly is of utmost importance.

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