does my down payment get paid at the closing table or before?

Asked by David, Gastonia, NC Sat Apr 4, 2009

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Joseph Hasti…, , 11373
Fri Jul 24, 2009
David, I'm in New York and perhaps the process differs in other states. I'll try to be brief. This is how it happens here. After your accepted offer, the seller's Attorney will create the Contract of Sale and send it to your Attorney. Home inspection aside, You will submit (most likely by Bank Check) an ernest money deposit that is intended as a good faith deposit that you intend to close escrow. This amount is usually half of whatever your total downpayment will be. Your contract will have the name of the Bank that will hold the money in a non-interest bearing account. The balance of your total downpayment is due at the closing table. Your financing Bank will also be there with the remainder of the full purchase price. They will review your HUD statement with you detailing all of your purchase-related costs prior to closing. Many states and municipalities allow Real Estate Agents and Brokers to create the contract and receive deposits. Be aware that most contracts have a "financial contingency" clause. This will allow you to not forfiet your initial deposit in case you cannot secure financing. My best suggestion; use an Attorney to review the Contract before you sign. Good luck out there.
Web Reference:  http://www.pemc.com
0 votes
Anna Wilk, Agent, Las Vegas, NV
Fri Jul 24, 2009
Your closing costs usually get paid at closing and are subtracted from the down payment that you already put down with your initial offer. The costs are all calculated and are presented to you before you come in to sign and close.

If you need any other help feel free to contact me, I am here to be of service!

Anna Wilk
Web Reference:  http://www.myglobalagent.com
0 votes
Annette Deme…, Agent, Hickory, NC
Fri Jul 24, 2009
Your agent should inform you prior to closing the exact amount you will need to bring with you to your closing!
If you do not have an agent , feel free to contact me if I can be of any assistance!

http://www.annettedemershickoryagent4u.com/
0 votes
Daniel Eberw…, Agent, Clayton, NC
Sat Apr 4, 2009
David - You'll pay an earnest deposit when you write the contract, which is applied to the purchase of the house. You'll bring the remaining amount to closing. Make sure you have a buyer's agent who can explain the earnest deposit to you, as that money may or may not be returnable if you cancel purchasing the property.

Daniel
Web Reference:  http://www.tri4sale.com
0 votes
Alpha Omega…, Agent, Henderson, NV
Sat Apr 4, 2009
Normally, you bring a bank check or cashiers check in the amount of your down payment, and closing costs to the closing. Your "Good Faith Estimate" from your lender gives you a good idea of what to expect in closing costs and you should receive a copy or draft of the closing statement (HUD), before closing hopefully in time to run to the bank to get your cashiers check.
Web Reference:  http://AlphaOmegaTeam.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more