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| 8. Closing |
- Closing is not to be confused with Recording. Closing occurs
when the lender is ready to loan the money while adhering to the dates
specified in the Purchase & Sale Agreement. A few days before closing, I
will make an
appointment with the title company for you to close. An
appointment later in the afternoon gives everyone more time to make sure
they have correct documents. The lender sends all the necessary loan
documents to the title company. You have an appointment to close
and the buyer has an appointment to close. This can even be on different days
and it's frequently done in different locations. I do not need to be
with you when you close, although I try. Once you sign all the
loan documents at closing, the lender sends the money to the title
company, and then the title company records the sale at the recorders
office. This is usually the next business day after closing. If you close on a
Friday, the transaction records on Monday (unless it's a holiday). You
own the home until recording. You must keep it insured with the
utilities connected until then. Recording is the date
listed in the contract, so in order to comply with the contract we need
to make sure and close at least one business day before recording.
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- A note about utilities . . . the buyer should call
the proper utility at least two days prior to recording in order to
switch service onto their account. You should call the utility two days
ahead to make sure that it has been done.
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