Now you have run the mortgage 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., 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, and closing agent. 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 will be received 3 days prior to closing. You will see it again. 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, keeping your property is good condition. If you have interest in reading this lengthy document, ask to receive it prior to closing as it will make for a very long closing. The mortgage note is primarily 'boiler plate' other than what is specific to your mortgage. The basics are: If you pay you stay, if you don't you won't. • Deed of trust or mortgage. In real estate, a deed of trust
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