If there’s an issue, the closing day could be shifted, or, upon agreement, the repair costs will be submitted to the escrow account. Don’t skip this step because missing the final walkthrough is one of the reasons for closure delays. #10. Get Ready for Your Closing Day Now that you have run the escrow marathon and survived all the possible obstacles in your way. It’s 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, a seller or seller’s representative, seller’s attorney, real estate agents (both yours and seller’s), lender’s representative, a title company’s representative, closing agent, and a public notary. 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). e (CD).This document contains your final payments, costs, and charges, as well as all agreed- upon terms and periods. You should 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 the case you're 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
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