Dawn & Troy Bogert
The closing process is the final step in the purchase of your new home. The closing is coordinated between your lender, escrow company, and title company, along with other providers such as termite, home warranty, and insurance companies. An earnest money deposit will represent your sincere intention to the seller of your commitment to purchase the property while your lender is processing your loan. This earnest money deposit is credited towards the purchase price of the home at closing. The purchase and sales agreement will be reviewed by the escrow officer; at the same time, a title search is conducted to determine the accuracy of the title, if there are any unexpected liens against the home, and whether or not the title is sound and insurable. After your loan is approved, the lender prepares loan documents and forwards them to the escrow company. You then sign the loan and closing documents, which are prepared by the escrow officer. Your down payment is received and the signed closing documents are forwarded to the lender. The lender then releases your funds to the title company, who records the deed and mortgage with the County Recorder. The transaction is now closed, and the title changes hands.
Congratulations, you're now the owner of a new home!