Interactive Buyer’s Closing Disclosure
If you are getting a mortgage, then a Closing Disclosure is a five (5) page form that provides final details about the terms of your mortgage loan. The lender is required to give you the Closing Disclosure at least three (3) business days before you close. This three (3) day window allows you time to compare your final terms and costs to those estimated in the Loan Estimate which you originally received from your lender. An interactive sample to help you understand is below.
Below Closing Disclosure Documents
hover over the green arrow icon next to each highlighted term for explanation.
Interactivity feature is best viewed on a computer versus a mobile device.
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Charged by our attorney to prepare a deed of gift, if necessary.
Our fee to prepare the coversheet required by all localities to record the closing documents.
Our fee to verify all incoming and outgoing wires and wire instructions.
The Underwriter’s fee to provide the lender with a Closing Protection Letter. If there is no lender, this field will be $0.
The Underwriter’s fee to examine and prepare a search of the land records of the subject property.
Our fee for the following: collect and hold all funds needed for closing (Earnest Money Deposit, Down Payment, Gift Funds, Loan Funds); prepare or assist the lender in preparing the Closing Disclosure; cause execution of documents necessary to consummate the purchase; cause recordation of all necessary documents in the appropriate locality; disburse all funds according to the Closing Disclosure.
Our fee to prepare a Commitment for Title insurance based on the findings of the title search.
Our fee to update the land records of the subject property and record all closing documents.
Premium charged for the Lender’s Title Insurance Policy. This is calculated based on the loan amount. If Owner’s Title Insurance is purchased, this fee is deeply discounted. If there is no loan, this field will be $0.
Fees charged by the state to record the Deed and Mortgage. If there is no loan, the Mortgage field will be $0.
Our fee to record a deed of gift. If no deed of gift is being recorded, this field will be $0.
Fee charged by the locality to record a Power of Attorney. If no Power of Attorney is needed, this field will be $0.
Tax charged by the locality to record the Mortgage. Based on the loan amount. If there is no loan, this field will be $0.
Tax charged by the locality to record the deed. Based on the purchase price.
Tax charged by the state to record the Mortgage. Based on the loan amount. If there is no loan, this field will be $0.
Tax charged by the state to record the deed. Based on the purchase price.
Our fee to coordinate the transfer of any HOA’s from the seller to the purchaser. If there is no HOA, this field will be $0.
The premium charged for Owner’s Title Insurance. Although the form is pre-populated to say (Optional), we HIGHLY recommend all buyers purchase Owner’s Title Insurance to protect their investment against hidden title defects and potential fraud. Please call our office if you have questions on Owner’s Title Insurance, how this premium is calculated, or would like more information.
