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ATTORNEYS
Scott D. Brown
John P. Lander
Kim R. Snitker
Travis M. Armbrust
Kaitlyn J. Ausborn
 
Brown, Kinsey,
Funkhouser & Lander, P.L.C.

214 North Adams,
Mason City, Iowa 50401
Phone: (641) 423-6223
Fax: (641) 423-9995
REAL ESTATE - Frequently Asked Questions
I. Brokers V. Home Inspection
II. Contracts and Transfers VI. Closing
III. Mortgages and Foreclosure VII. Glossary
IV. Deeds    
"Contact an Iowa real estate lawyer representing clients in Hampton, Iowa today to schedule your initial consultation."
 
Mitchell County Courthouse Osage Iowa  

What to Expect at Closing

Closing a purchase for real estate varies in each state. While some closings are done in your real estate attorney’s office, others are completed in abstract offices. Either way, the closing meeting is where the ownership of a property is officially transferred. Generally, the closing is attended by the buyer, seller, their brokers, 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, yet not always. At the closing, any remaining open issues are settled, the closing statement is verified, and all necessary documents are signed. A real estate attorney can help to advise you through this process.

 

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
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:

1. Settlement statement
2. Mortgage and mortgage note
3. Copy of the deedTruth-in-Lending statement
4. Sales contract
5. Keys to the property
6. Any required affidavits
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If you would like to schedule a initial consultation contact an Iowa real estate attorney, representing clients in Hampton, Iowa at the Brown, Kinsey, Funkhouser & Lander, P.L.C.. Give us a call at (641) 423-6223 or email us at bfkl@bfkllaw.com
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Mason City, Iowa Attorney practicing in Iowa primarily in Workers' Compensation & Personal Injury. Lawyers at the Brown, Kinsey, Funkhouser & Lander, P.L.C. are dedicated to serve their clients in Iowa, including the cities of Mason City, Algona, Allison, Boone, Cedar Rapids, Charles City, Clarion, Dakota City, Des Moines, Eldora, Forest City, Fort Dodge, Garner, Grundy Center, Hampton, Marshalltown, Mount Pleasant, Nevada, New Hampton, Northwood, Osage, Toledo, Vinton, Waterloo, Waverly, Webster City and West Union, and the communities that make up Cerro Gordo, Benton, Black Hawk, Boone, Bremer, Butler, Chickasaw, Fayette, Floyd, Franklin, Grundy, Hamilton, Hancock, Hardin, Howard, Humboldt, Kossuth, Linn, Marshall, Mitchell, Polk,  Story, Tama, Webster, Winnebago, Worth, Wright counties.
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