Now you have run the escrow marathon and survived all the possible obstacles in your way. It is finally time to sign the papers and get the keys to your new home. Several people could be present at the closing, e.g., your attorney (if hired), a seller or seller’s representative, seller’s attorney (if hired), both REALTORS® (yours and seller’s), lender’s representative, a title company’s representative, closing agent, and a public notary; however, COVID-19 policies may be in place to limit the number of participants allowed to sit-in. In this case, it is advisable to ask the Title Company's Escrow Agent for clarification. The exact number and function depends on the state and county. In some states, it is as few as the buyer(s) and the closing agent, with all documents pre-executed by the other parties. Basically, the purpose of the meeting is to sign the following documents: • Closing Disclosure (CD). This document contains your final payments, costs, and charges upon agreed terms and periods. You are supposed to receive it three business days before the closing date and compare it with the conditions of the initial loan estimate. • Mortgage note. In signing this document, you agree to your mortgage terms and conditions, as well as penalties, in case you are not able to pay duly and on time. • Deed of trust or mortgage. In real estate, a deed of trust or trust deed is a deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan (debt) between a borrower and lender. The equitable title remains with the borrower. • Certificate of Occupancy (for new houses only). The Certificate of Occupancy provides authorization from the 89
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