If you're buying a home in State College, PA you may have never actually been to a closing. In some areas closing is not an actual event but a series of events. In State College, PA it IS an actual event where the buyers sit down with a settlement agent or attorney and complete and execute all documents related to the settlement of the transaction. Those items include but not limited to:
- A promissory note-A promise to pay the money borrowed to buy the home
- A mortgage-The document that secures the property to the note
- The HUD-1 Settlement Statement-Final accounting of the transaction
- A review of the deed for the property
- A review of the title insurance
- Review and sign all bank documents
Most times the seller does not attend closing. Their agent attends closing on their behalf and brings the fully executed deed for the property to the closing. After all documents are executed and the Closing Disclosure is signed, the keys are passed across the table and you own a home!