| 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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