Basically, the purpose of the meeting is to sign the following documents: • Closing Disclosure (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 that you are not able to pay duly and on time. • Deed of trust. 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 local government for a building to be used as a public edifice or as a private residence. The purpose of the certificate is to provide verification that the building is in full compliance with current building codes and is safe for occupancy. This type of certificate is issued by the local government whenever a new building is constructed within city limits. Inspections are conducted to ensure that the basic construction, wiring, plumbing, and other elements of the building are up to code, and can be certified as being safe for occupation. Such a document is needed to legally move into a house. • If your home-buying team is competent enough, you will not be seeing those documents for the first time at the closing. Do not sign anything if it is unclear to you, different from what you agreed to, or just seems wrong. Make sure that you understand what you are signing and how your payments will be distributed over time. Charges change differently over time depending on the mortgage type, and may also depend on your insurance or taxes. AFTER YOU SIGN THE PAPERS Take the keys and start moving into your new house! You are now a legitimate homeowner responsible for a mortgage loan. Nothing can
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