I'd like to learn everything I can about the closing process. Since, I have never bought a house, I truly have 0 experience in this. I assume it's too involved to explain in a forum post, so is there any books or websites where I can learn the details of this?
Best thing is to join a local Real Estate Investment Association (REIA) and talk to the escrow or title agent of the group, who will be able to explain everything in detail, as they have a process and checklist they follow. You can also Google "real estate closing process".
God Bless You!
I can't speak specifically about TX. I can tell you about what we do in MD.
Someone chooses a title company, usually the buyer. The contract will be sent to the title company and they will do a title search and prepare settlement documents. They will schedule closing and tell everyone when to show up and what to bring. (in theory sometimes the title company needs a little push) The main settlement document is know as HUD-1. It itemizes all the costs of settlement and breaks them down by who pays, seller or buyer.
There really isn't much for the buyer or seller to do IF it is a good title company.
Ned Carey, Crab Properties LLC | http://baltimorerealestateinvestingblog.com/
Thanks for the replies. Does anyone have a copy of a HUD-1 form from a deal (personal info blacked out)? Preferably a HUD-1 from a deal done in Texas. I'm interested in studying all the information there.
Hi Brandon, I dont have a copy of a filled out form but the HUD-1 is available online on many sites and sources. Here is a blank one in a PDF.
@Brandon G. you have received some great info but don't forget about your financing and their work that has to be done. You set down with them about the deal and once you fill out application they will do appraisal of dome sort, then do their title work to get back to the title company. That is when it all comes together. Don't forget to get started on insurance during the process early on so they will be ready for the closing. We just did closing in Plano and everything was smooth and easy. Good Luck. Tom & Roni.
@Tom Keith Do you mind sharing which company you used for closing?
We used Hexter-Fair/First American Title
@Tom Keith Thanks.
@Brandon G. Are You on North Dallas area? I have no knowledge of primary Dallas area but there are some great people from that area on BP. Good Luck to You
@Tom Keith I'm actually in the Plano area. And you're right there are tons of Dallas folks here on BP!
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