So...You want to buy a house?

Closing - Almost There

By Sara W.Peterson

When all of the inspections are done and all of the paperwork is complete (the lenders paperwork is usually the last to be completed) and in the hands of the Escrow Officer, the final documents will be generated. We will be looking at the Estimated Closing Costs Statement that the Escrow Officer generates for you and comparing it to the one we had previously prepared. This is where the final errors are corrected before you and the seller sign the final documents. In California we do a split signing where the sellers sign, usually first although it really doesn't matter, and then at another time you sign all of the paperwork. The seller's give the keys to the Escrow Officer at this time.

You will have been instructed to come to the signing with a Certified Check for about $100 more that the Escrow Officer's Estimated Closing Costs Statement indicates. This will cover any miscellaneous charges that come up at the last minute. The unused balance will be returned to you shortly after closing, normally within a week.

Once the paperwork is signed, the loan documents are sent back to the lender if a mortgage is involved. The lender makes sure that their instructions were carried out and they have all of the signed documents that they need. When this happens, the lender will wire the funds to the Escrow Officer -- this is the event everyone has been waiting for. The Escrow Officer then has the Deed recorded at the County Recorder's Office. As soon as this is done you get your keys and the moneys are disbursed. In the case of new construction, you generally get to pick your keys up from the builder after recording has been confirmed. although this varies.

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