Closing on your Bedford VA home. Usually this is held at a Title Company or in a Bedford County Attorney’s office. its called a closing as this is the time when you take ownership of your Bedford property and the transaction is closed.Selection of a company is very important. While its very rare something will go wrong,if something does, you want to be able to call a quality Bedford Attorney for help. Different attorneys charge different fees, knowing you have support if something goes wrong, is by far more important than saving a fee dollars. Ask your Witt Fogleman real estate agent which Bedford attorney they recommend.
There are many variables during the closing, based upon your situation (loan/ cash, conventional/FHA). if your paying cash, its a very simple transaction and it only takes a few minutes. if your getting a FHA mortgage than you will have a stack of documents to sign, many of them in duplicate or triplicate form.
The Bedford Attorney will do a great deal of work before you get there, they work with your lender to ensure everything is perfect. They take care of insurance, terms of the loan, pay off any outstanding bills (like termite inspection).
One of the most important documents you will have to sign is called a HUD1 or settlement statement. This document breaks down the costs and fees of the transaction. Review this document carefully to make sure everything is correct and nothing was left off of it.
After everything is completed, the transaction is recorded in the Bedford County Courthouse. From a legal standpoint, this is when you offical own the property but the norm in our area is to give you the keys at closing.
If you have questions, call a Witt-Fogleman Realtor for advice and more information.
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