Prepare all the paperwork you have collected throughout the process. This includes the title search and insurance, inspection reports, bank statements, home appraisal, checks for down payment closing costs, and prepaid interest. There may be several people present at the closing, including your attorney, a seller or seller’s representative, seller’s attorney, real estate agents on both sides, lender’s representative, a title company’s representative, closing agent, and a public notary. The exact number and function will depend on the state and county.
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. Here, 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. 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 (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 certificate provides 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 the basic
173
Powered by FlippingBook