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Real Estate FAQ's
I. Brokers V. Home Inspection
II. Contracts and Transfers VI. Closing
III. Mortgages and Foreclosure

VII. Glossary

IV. Deeds    
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What to Expect at Closing

The closing meeting is where the ownership of a property is officially transferred. Generally the closing is attended by the buyer, seller, their brokers (if any) 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.

At closing, the closing statement is verified, and all necessary documents are signed. A real estate attorney can help to advise you through this process, and will be responsible for drafting and explaining all of the necessary documents.

While good closing agents try to help buyers through the complicated aspects of the closing, a real estate 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

For a seller, closing costs generally include:

Realtor's commission (if any)
Abstracting fees
Property taxes through date of closing
Transfer stamps/taxes
Attorney fees
Overnight fees for mortgage payoffs

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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If you would like to schedule a initial consultation contact an Illinois zoning, floreclosure and landlord attorney, representing clients in Aledo, Illinois at the Teitle Law Offices. Give us a call at (563) 345-4100 or email us at info@teitlelaw.com.
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  Phone: (563) 345-4100
  Fax: (563) 345-4111

Davenport, Iowa Attorneys offering a broad estate planning / probate, criminal law, family law, guardianships and adoption, juvenile law, medical malpractice, motor vehicle accidents, personal injury, real estate, for sale by owner, trucking accidents, and wrongful death. Lawyers at the Teitle Law Offices office are dedicated to represent clients in Eastern and Central Iowa, including the cities of Bettendorf, Davenport, Iowa City, Cedar Rapids, Muscatine, Clinton, Maquoketa, Tipton, Dubuque, Ottumwa, Wapello, Burlington, Waterloo and the communities that make up Scott, Johnson, Linn, Mucatine, Clinton, Jackson, Cedar, Dubuque, Wapello, Louisa, Des Moines and Blackhawk counties. We also represent clients in Central Illinois, including the cities of Rock Island, Aledo, Cambridge, Moline and Morrison and the communities that make up Rock Island, Mercer, Henry and Whiteside counties.

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