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AREAS OF PRACTICE
 Auto / Car Accidents
Catastrophic Accidents
Medical Malpractice
Motorcycle Accidents
Nursing Home Injuries
Personal Injury
Product liability
Real Estate
Train Accidents
Trucking Accidents
Workers' Compensation
Wrongful Death
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The real estate claims and settlement
attorneys at the Eschmann & Pringle P.A.
are dedicated to serve their clients in Kansas, including the cities of Topeka, Lawrence, Eudora, DeSoto, Manhattan, Wamego, Junction City, Abilene, Salina, Emporia, Council Grove, Lyndon, Osage City, Ottawa, Paola, Burlingame, Burlington, Seneca, Sabetha, Marysville, Hiawatha, Holton, Lenexa, Olathe, Kansas City, Overland Park, Leawood, Merriam, Shawnee, Gardner, Atchison, Lansing and Leavenworth, and the communities that make up Shawnee, Douglas, Jefferson, Jackson, Wabaunsee, Pottawatomie, Geary, Riley, Dickinson, Saline, Morris, Lyon, Osage, Coffey, Franklin, Miami, Johnson, Wyandotte, Leavenworth, Brown, Nemaha, Marshall, Doniphan and Atchison counties.
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Real Estate l Frequently Asked Questions
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What to Expect at Closing
Closing a purchase for real estate varies in each state. While some closings are done in your attorney’s office, others are completed in title offices. Either way, the closing meeting is where the ownership of a property is officially transferred. Generally, the closing is attended by the buyer, seller, their brokers, and the closing agent. If the buyer is borrowing money to complete the purchase, a representative of the lender may also attend. All open issues should be settled before the closing, yet not always. At the closing, any remaining open issues are settled, the closing statement is verified, and all necessary documents are signed. A real estate attorney can help to advise you through this process.
While good closing agents try to help buyers through the complicated aspects of the closing, an attorney’s assistance can be invaluable in determining that closing costs are allocated fairly. Closing costs can vary from between two to five percent of a property’s purchase price.
The closing costs cover a large number of one-time fees. For the buyer, they also include the first year’s payment for homeowner’s insurance, real estate tax and one month of property taxes escrow, and mortgage interest.
Other fees covered in closing costs include but are not limited to:
- Attorney fees
- Loan origination fees and rate discount points
- Appraisal fees
- Recording fees
- Survey fees
- Document preparation fees
- Inspection fees
- Homeowner’s association fees
At a closing, the seller and buyer will provide items required by the contract, such as proof of homeowner’s insurance, warranties, and other documents. Once both parties have approved the closing statement and all documents, the seller and buyer sign the statement, the buyer signs the mortgage, and the seller signs the deed and transfers ownership. Generally, the buyer pays all closing costs unless otherwise stated in the purchase contract. The closing agent provides the buyer with a settlement statement detailing the closing costs, and then records the deed and (when applicable) the mortgage.
The buyer usually receives the following documents:
- Settlement statement
- Mortgage and mortgage note
- Copy of the deed
- Truth-in-Lending statement
- Sales contract
- Keys to the property
- Any required affidavits
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DISCLAIMER: The information you obtain at our firm web site is not, nor is it intended to be, legal advice. It is recommended that you should consult an attorney for individual advice regarding your own situation.
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| If you would like to schedule a free initial consultation contact an Kansas real estate attorney, representing clients in Junction City, Kansas at the Eschmann & Pringle P.A..
Give us a call at (800) 952-0566 or email us at info@echmannpringle.com. |
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