Ryan Boyer Coldwell Banker San Diego Article on Closing the Deal (real estate)
The Californer/10064904

SAN DIEGO - Californer -- In Closing: How to Seal the Home-Buying Deal

By: HouseLogic

Sign that paperwork. Write those checks. Get those keys!
fdsashe closing. It all comes down to this. The grand finale. Once you have the keys, the house is yours. (Cue: Air horn sound!)

Nice work getting this far. You're almost a homeowner! Let's run through some questions you may have as you cross the finish line.

What Does "Closing" Mean?

The close or settlement is when you sign the final ownership and insurance paperwork and get the home's keys.

The closing process technically begins when you have signed a purchase and sale agreement. That agreement should specify a closing date. Typically — from the signing date to the closing date — closing takes four to six weeks. During this time, purchasing funds are held in escrow, where your money is safe until the deal is officially done.

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What's a Closing Disclosure?

Lenders must provide borrowers with a Closing Disclosure, or CD, at least three days before settlement. This form is a statement of your final loan terms and closing costs.

You have three days to {{ start_tip 89 }}review the CD.{{ end_tip }} Compare it to the Loan Estimate you received shortly after you applied for the loan. If you need a refresher on Loan Estimates, you can view a sample version here.

The point of this formal review process is to ensure there are no surprises at the closing table. If there's a significant discrepancy between the Loan Estimate and CD, notify your lender and title company immediately. Depending on what the underlying issue is, the closing has to stop and a new closing disclosure must be sent out with a new three-day review period.

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