Make Fillable Legal New York Real Estate Closings Forms For Free

The ?total of payments? is found on page 5 of the Closing Disclosure form in the ?Loan Calculations? section. This total includes principal, interest, mortgage insurance (if applicable), and loan costs. It assumes that you make each monthly payment as agreed ? no more and no less ? until the end of the loan.

The lender or title company prepares a closing statement, showing all the money that changes hands at the closing. A buyer's attorney will check the closing documents, and both parties' attorneys can explain those documents to their clients as well as the closing costs their clients need to pay.

A closing statement is a spreadsheet of your exact closing costs and flow of funds for a real estate transaction that your attorney provides you shortly before closing day, when final figures have been tallied.

Page 4: This section tells you what your late fee will be and whether your lender accepts partial payments. Information about your loan's escrow account ? odds are you have one ? is also on this page. You'll see what is included, usually homeowners insurance and property taxes.

There will be two Closing Disclosures issued during the process: the ?Initial CD? and the ?Final CD?. The Initial CD is the most time-sensitive document throughout the mortgage loan process because it requires e-signatures a minimum of three days before closing.

The closing statement typically lists fees in two columns, one detailing the buyer's expenses and one detailing the seller's expenses. The amount of cash the buyer must give the seller has its own entry at the bottom of the document.