Complete Settlement or Closing
Once all contingencies have been met, your lender will be ready to draw your loan documents. During this time, you will have the opportunity to revisit the property for a “final walk-through.” By this time, the sellers have usually completed any repairs agreed upon and have vacated. The property should be in the same or better condition than it was when you placed the offer.
Once your loan docs have been prepared, the escrow company will set-up an appointment for you to sign your paperwork. They will advise you with the balance of the purchase price plus the closing costs needed to close escrow; and will also send you the wiring instructions to pay. Escrow will guide you with all the necessary information before you come in to signing.
Once your documents are returned to the lender, they will be reviewed for accuracy and then will authorize the release of funds.
The transfer of title will usually take effect within twenty-four hours.
CONGRATULATIONS!!! You have accomplished your home goals, a great milestone, and are off to a new chapter!