Edit Scanned Pdf Legal Idaho Real Estate Closings Forms For Free

Closing and settlement are often used interchangeably, but they are not exactly the same thing. Closing is the final step of the transaction, where the buyer and the seller sign the documents and exchange the keys. Settlement is the process of transferring the title, paying the fees, and recording the deed.

Your lender is required to send you a Closing Disclosure that you must receive at least three business days before your closing. It's important that you carefully review the Closing Disclosure to make sure that the terms of your loan are what you are expecting.

Both the buyer and the seller have to pay certain closing expenses in Idaho. Seller closing costs in Idaho can amount to 8%-10% of the final sale price of the home. This does not include the mortgage payoff. The biggest closing cost (5%-6%) the seller has to pay is the listing and buyer's agent commission.

After reviewing your Closing Disclosure, you can look forward to a final walkthrough of the home and closing day itself. Receiving your Closing Disclosure basically indicates you're almost there, but not quite done with the mortgage process. Your loan officer may check your credit again before the mortgage closes.

While the settlement statement document evolved over time into what is now known as a closing disclosure, many still use the term ?settlement statement,? so you might come across it in the process of closing your loan.

While closing disclosures provide information about a borrower's loan, settlement statements do not include loan information. Settlement statements are used for commercial transactions and cash closings.