Who compiles all those bills for the closing statement?

[juliedealers]

What is the name of your state? IN

Who prepares the closing statements? Is there one central person that collects all the bills for services? I'm a first time homebuyer so am not familiar with the process.

Also, am I entitled to a copy of the appraisal?

thanks
Julie

 

[nextwife]

Why not ask YOUR RE agent who will be doing this for YOUR transaction?

Varies. In a cash transaction, typically the closing office for the RE broker puts the closing file together. In my area, for example, that is typically the title company's closing department. In other areas, that may be a closing attorney or escrow company. They obtain the municipal letters, loan payoffs, invoices for flood certs, title fees, calculate the needed recording fees, transfer taxes or revenue stamps, etc. The RE agent and seller may provide other bills to be paid at closing, such as safe water and septic tests, contractor bills and lien waivers for work recently done. The realtor's closing office or closing attorney or title company prepares the seller side clsoing statement, calculating prorations and credits.

If there is a lender, that lender provides all their own fees (including vendors they hired as part of the loan process, meaning appraiser, surveyor, title company, couriour fees, etc.) to the lender's closing agent, and the lender's closing agent puts the seller side costs and credits together with the lender costs into single closing statement.

 

[amortgageman]

The title company will prepare all the closing documents through their closing department. The lender (Banc One) may already have the documents prepared but the title company will review them.

Regarding the distribution of funds, the title company again will prepare these, (Behind the scenes, here is what happens: Bank will send the fee sheet to the title company, title company will prepare the final HUD and send back to lender for final check, then after everything is okay, the Final HUD-1 will be prepared). You will be allowed to view this prior to close, since you will be bringing the cashier's check to the closing table. This is very important and required. If it is not right, have them fix it and get it right, before you close. After closing it is too late.

Yes, you are entitled to receive a copy of your appraisal.

 

[nextwife]

In our market ANY of the following prepare the HUD-1 and do the closing and disbursement:

The lender, many "savings banks" still prepare and close their own loans, and do not have the title company do this.

The title company.

A closing attorney.

 

[HomeGuru]

In our market ANY of the following prepare the HUD-1 and do the closing and disbursement:

The lender, many "savings banks" still prepare and close their own loans, and do not have the title company do this.

The title company.

A closing attorney.

**A: and a mortgage broker.