#7 The Closing:
The closing will be the meeting where ownership of the property is legally transferred to the buyer. Closing procedures can be held at the title company's office or even without anybody physically attending. Your title company's agent coordinates the document signing and the collection and disbursement of funds. Andreas Mueller will also be present at your closing to read the documents on your behalf, answer any questions, or help to resolve any last minute or unexpected details that may come up.
In order for the closing to go smoothly, each party involved should bring the necessary documentation and be prepared to pay any related fees (closing costs). Closing costs will generally total an amount equal to 2 to 3 percent of the total loan value not including down payment and the buyer's escrow account. You will sign a so called HUD-Statement at closing. All the sellers and buyers expenses will be disclosed on this statement. From the date of the closing the property will be legally yours.