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 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 whenever a new building is constructed within the city limits of the local government. Inspections are conducted to ensure 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 move into a house. If your home-buying team is competent enough, you won’t be seeing those documents for the first time at the closing. Don’t sign anything that’s unclear to you, different from what you agreed to, or seems wrong. Make sure that you understand what you’re signing and how your payments will be distributed over time. Charges change differently depending on the mortgage type
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