Speaker 1: This is you. This is the house you're buying. These are the sellers. You made an offer and they said, great. To finish this, your real estate agent will help you through the closing process and you'll pay some closing costs. This video explains this and these. Loaning or settlement is about you becoming the legal owner of this. Public records currently agree that this belongs to them because the title establishes their legal ownership. Swapping these requires loan steps, legal steps, and title steps. Loan steps first. These guys loan you the offer money. You promise to pay back more over time. They charge you some loan fees and collect insurance, interest, and reserves. Legal steps next. To make the public records show that you are the legal owner of this, the government has to record the transfer of this. And they also take a little bit of this. Title steps last. The title company actually handles transferring this. You pay for their help. They have to find all the records here that relate to this and make sure that this is really theirs to sell. That's called a title search. And the sellers might have missing heirs, former spouses, or other claims that show up long after the sale claiming that this actually belongs to them. To protect this investment, you purchase title insurance. If you or your agent order title services from here, you'll get a guaranteed quote on these costs. And they'll even credit some of this back to you. To recap, closing involves loan costs, legal costs, and titling costs. At your closing meeting with the sellers, your title company will have all of these costs summarized on the government HUD-1 form. Home buying can be hard. Don't let this and this rain on your home buying parade. Push the closing clouds away with a quote from Federal Title. And pretty soon, you'll be in this. Say it visually. Sponsored by Federal Title and Escrow Company. FederalTitle.com