The lender must disclose a good faith estimate of all settlement costs. In Utah, the check to cover your closing costs will have to be in the form of a cashier’s check as Utah is a “good funds” state. The transaction cannot be recorded/closed until the loan has funded and your money is physically in the hands of the Title Company. Even a Cashier’s Check is not considered to be “good funds” until it has been at the title company for 24 hours or at least over night. The title company or other entity conducting the settlement will tell you the required amount for:
A Note About Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.