The Closing Process

The final step of purchasing your Manufactured/Mobile home with The Thompson Team in Central Florida, Polk County is the closing process. This is when all involved set up a formal closing and complete the sale. Here is a list of the people who will be involved:
  • The Buyer (You)
  • The Seller
  • The Listing Agent, Selling Agent, and Closing Agent
  • [These following people may be there, but it is not necessary for them to be present]:

  • The Mortgage Lender Representative
  • Real Estate Attorneys
  • The Insurance Agent
  • The Closing Agent is responsible for coordinating all closing-related activities. In addition, a Real Estate Attorney should be hired only if you have extra funds, or plan to use a 1031 and/or you feel more comfortable that he represents you in the closing transaction. Your closing Agent prior to closing should give you a HUD Settlement Statement listing the date, place, time, and amount of money in a Cashiers Check that you will need for the various closing costs, that you'll need to bring with you to the closing.

    Closing costs vary depending on the Lender, locality of the closing, and a few other factors. Below you will find a list of what may be included in the closing costs. Closing costs for a Manufactured/Mobile home on leased land will in most cases be approx $500.00-$650.00.

    Closing Costs May Include:

  • First Mortgage Payment or Partial Interest payment
  • Mortgage Application Fee (Lender specific)
  • Loan Origination Fee or any Application fees (Lender specific)
  • Loan Underwriting Fee (Lender specific)
  • Mortgage Processing Fee (Lender specific)
  • PMI [Private Mortgage Insurance] if your down payment is less that 20% of the mortgage.
  • Homeowners Insurance Premium
  • Escrow Account reserves for insurance or property taxes
  • Property Tax payments
  • Survey, Elevation Certificates or Inspection Fees
  • Legal Fees
  • Appraisal Fees
  • Title Search Fee
  • Title Insurance Premium
  • Settlement Company Fee
  • Credit Report Fee
  • Transfer Taxes, Ad valorem fees, and prorations

  • * Some of these fees may have already been paid by you (for example - you may have paid an Inspector directly) and some may not be included. However, this will provide you with a good idea of what fees are included.

    Get a Closing Cost Worksheet to help you determine how much you will need to pay.

    The costs marked "Lender Specific" above vary from Lender to Lender. You want to make sure you have chosen a Lender with low closing costs. Fill out this form and you will be contacted by 3 different lenders so you can compare closing costs, and choose the Lender with the lowest costs. You may also contact The Thompson Team in Central Florida at (863)325-8217 for Lender Referrals.

    Before the closing, make sure that you have read all the documents and completely understood the implications. Also, be sure to find out when and where you should send any payments.

    Finally, go through this Final Checklist before you move in. 

    Pamela Shilling Thompson
    Pamela Shilling Thompson
    Broker/Owner
    Central Florida LAKE WALES FL 33859