Closing time. The end of the road. The last hurrah — and hurrahs are in order.
Closing is when both parties sign the final ownership, and the Buyer becomes the legal owner of the home.
Typically, closing day takes place about 30 – 45 days after you signed a Purchase and Sale Agreement. During this window, the Buyer’s purchasing funds are held in escrow until all contingencies, like the home inspection contingency and appraisal contingency, are met.
Your Closer will be able to answer questions and offer support through closing.
You’ll get info about your closing costs from the title company.
Meanwhile, the Buyer’s Mortgage Lender must provide the Buyer with a Closing Disclosure, or CD, three business days before settlement. This is a formal statement of the Buyer’s final loan terms and closing costs. As the loan borrower, the Buyer is entitled to a three-day review period to see if there are any significant discrepancies between their CD and Loan Estimate (LE) — a document Buyers receive when they apply for a loan. The LE outlines the approximate fees the Buyer would need to pay.
In most cases, there are no major differences between the CD and LE. However, if certain closing costs differ by 10% or more between the estimate and the disclosure, the Buyer’s loan has to go back to the Mortgage Lender so that cost differences can be reviewed. If that happens, closing is usually delayed until the issue is resolved.
Questions? Contact us at andi@andidyer(dot)com or 360-734-6479.
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