the home, pest inspections or having had repairmen or movers in the home. Verify all personal property that was to be included in the sale, is present. 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 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’s 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 upon agreed terms and periods. You’re 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’re not able to pay duly and on time. • Deed of Trust or Mortgage: In real estate, a deed of trust 98
Powered by FlippingBook