Page 42 - KHovanian Homes - Pathway to Homeownership

Section 7 | Gold Key Closing notary fees, attorney fees, if you have hired one, and recording costs. We rely on several different parties to give us accurate numbers. It is common that you do not get your Final Number until the night before, or morning of, closing. SETTLEMENT STATEMENT After receiving closing figures from K. Hovnanian® Homes and your lender, the title insurance company will prepare a HUD-1 Closing Statement. Once this document is finalized, the title company will advise you of the Final Number. CLOSING At closing, ownership of your new home is transferred from K. Hovnanian® Homes to you. The steps include finalizing your loan (one set of papers and checks, if applicable), and K. Hovnanian® Homes selling you the home (another set of papers and checks). The funds are disbursed to the appropriate entities, title is transferred to your name(s), and the mortgage is recorded against your new property. This process involves many documents, some of which are duplicates. Although these documents are not negotiable, you should read them and make sure you understand them. Contact your Sales and Closing Coordinator, who acts as a liaison between your lender, title company, and attorney, to finalize any last minute details. The Sales and Closing Coordinator will compile all the documents necessary for closing to occur. In most instances, these documents will not be available for your review prior to closing. In addition to the items mentioned below, the lender, title insurance company, and K. Hovnanian® Homes may require other documents to be signed. The closing documents typically include the following: Deed The Deed transfers ownership of the real estate and homesite to you, subject only to permitted exceptions as set forth in the Purchase Agreement, such as easements or restrictions. Your title company will provide you the recorded deed. Please make sure to store your recorded deed in a safe place. Note and Mortgage Your lender prepares your Note and Mortgage for closing. For more detailed information, please refer to the section of your Homeowner’s Guide titled “Financing Your New Home.” Your lender will provide you with information on where to send your mortgage payments, and when the first payment will be due. Many lenders supply payment coupons for you to send in with your payments. Limited Warranty We provide a copy of the Limited Warranty registration form at closing. Thirty (30) to sixty (60) days after closing you will receive a validation form from the warranty company in the mail. We suggest that you store the legal documents from your closing with other valuable papers in a safe place. You will need them for tax purposes and when you refinance or sell your home. GOLD KEY DELIVERY Your Sales and Closing Coordinator will provide notification regarding your approximate Closing Date in writing, approximately 45 (forty five) days, prior to your closing, to schedule your Gold Key Delivery. The Gold Key Delivery will include a review of the items discussed at the Gold Key Orientation. We verify that the items noted on your Gold Key Orientation form have been addressed. Any additional items discovered at this time will be added to the Gold Key Orientation form under the Gold Key Delivery section. This review usually lasts approximately thirty (30) minutes and generally takes place the day of closing. HOME AND MAILBOX KEYS You will receive your home keys at closing. Mailbox keys, where applicable, will be provided at closing, unless the local post office requires them to be picked up there. You will need proof of identity and homeownership. You will be asked to sign for your keys. 28 | Edition July 2019