With your Joyner REALTOR® by your side, closing doesn’t have to be complicated.
CLOSING STEPS • Review and sign
CLOSING DOCUMENTS • Closing disclosure.
AFTER THE CLOSING After the settlement, your
This includes an itemized listing of the final fees and other costs charged in connection with your loan. These numbers should correspond to the items listed on the loan estimate. • Note. This is the document you sign to agree to repay your mortgage. The note provides you with the details of your loan, including the interest rate and length of time to repay the loan. It also explains the penalties that you may incur if you fall behind in making your payments. • Deed of trust. This secures the note and gives the lender a legal claim against your property if you default on the note’s terms. The deed of trust restates the basic information contained in the note, as well as details your responsibilities as a borrower.
settlement attorney or settlement agent will record the deed of trust at the local government clerk’s office. This is the legal transfer of the property and may take a day or two after closing to be completed. • Official ownership. After the transaction has been recorded, the settlement agent will wire the funds to those owed money from the sale. It is at this point you become the official owner of the home.
settlement papers. Your settlement attorney or settlement agent reviews the closing disclosures and other documents with you, answers any questions you may have and asks you to sign various documents. • Pay closing costs. If everyone agrees that the papers are in order, you or the seller submits a cashier’s check to the settlement agent to cover closing costs and your down payment, if applicable. • Wire funds. Some settlement attorneys or settlement agents request that funds be wired prior to the closing date. Be sure to ask in advance to verify the method of payment, to allow time for you to arrange a wire transfer if needed. • Receive keys. You receive the keys to your new home. Congratulations!
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