Here’s a brief rundown of what happens on closing day:
Final review of the purchase contract, closing statement, and title work by the title officer or attorney to make sure that the title is clear and all conditions of the purchase contract have been satisfied. You execute the loan documents. Once those documents are signed, the mortgage is official and the lender wires the loan proceeds to escrow. Once the escrow officer is satisfied that the purchase contract is complete and all required money has been wired to escrow, two things happen: 1. The escrow officer releases funds by wire transfer or check to everyone entitled to money according to the closing statement — particularly the seller and the seller’s lender. 2. The deed is sent to the county to be recorded, and title is officially transferred to your name. At that point, you are the legal owner of the property. You get the keys, and it’s time to move in! Closing used to take place at the title office, attended by the closing agent or attorney and possibly the real estate agent and representatives of the lender to make sure everything goes smoothly. In recent years, remote closing has become more common, using electronic signatures, digital notary services, and bonded couriers to transfer documents. If you don’t want to go to the title office, there may be options to accommodate that.
2024 Buyer Guide · 14
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