You made it! Whether it's your first home or your third it's an exciting moment. Now its time to seal the deal on your home.

The Closing Process

Signing Escrow Instructions

Your escrow officer,real estate agent or Mortgage Advisor will contact you to make an appointment to sign your loan documents. The escrow officer will tell you the amount of money you'll need (in addition to your loan funds) to complete the purchase. This amount will include closing cost such as appraisal fees, loan fees, escrow charges, advance payment on property taxes and homeowner's insurance, the title insurance premium, inspection charges and the like.

Your Appointment

Before coming to sign escrow papers, make sure you have done the following:

Identify all your lender's requirements and make sure you have satisfied them. Your lender can assist you.

Obtain hazard/fire insurance. Once your loan is approved, call your Mortgage advisor with your insurance agent's phone number so that your Advisor/Escrow Officer can verify that the policy meets the lenders requirements. You must have your policy in place before the lender will send your loan funds to escrow.

Obtain and bring with you a cashier's check or certified check issued by the instution where the source of funds to close is used made payable to the title company in the amount indicated to you by the escrow officer. A personl check or out-of-state check are not accepted in most cases.

Bring with you either your valid drivers license or passport, social security card to your closing so that the notary public can verify your identity.

After the closing sign-off the escrow officer will give them to the lender for a final review. The review usually occurs the same day or within a few days, after which the lender advises the escrow officer that the lender is ready to fund the loan. If all conditions of the escrow have been met, the escrow will close and will take care of the technical and financial details.

The Close of Escrow

Close of escrow signifies legal transfer of title and occurs when the seller's grant deed to you is filed with the county recorder. As well, the lenders deed of trust on your home records concurrently with the grant deed. Recording usually occurs within one working day after loan funds are received in escrow. Several weeks after closing, the county recorder's office will mail you the original grant deed.