Final Closing Steps
The Closing Disclosure
Pursuant to the federal TILA-RESPA Integrated Disclosure Rules (“TRID”), Buyer and Seller will each receive a federally-required document called a “Closing Disclosure”, which, among other things, summarizes each party’s closing costs. TRID requires that the Closing Disclosure be received by a residential loan borrower at least three business days prior to “consummation” of the transaction, which in most cases in Oregon will be the date on which Buyer signs the loan documents. Under certain circumstances, a change to the Closing Disclosure late in the transaction could result in a delay in Closing to comply with the three business day rule. Such a delay beyond the Closing Deadline could result in termination of the transaction unless Seller and Buyer mutually agree to extend it.
Close Escrow, Final Loan Approval, & Signing
Once all documents, agreements and addendums are delivered to the lender, the final loan approval takes place. The lender will then finalize the loan package and deliver all the loan documents to escrow/title company. When the title company receives the loan documents, appointments to sign the final papers are scheduled for both Buyer and Seller. Signing is done at the title company with the Escrow Officer handling the transaction. Buyers must bring their ID with them, and have arranged for the delivery of all funds needed for closing. Depending on the time of day the signing appointment takes place, funding and recording typically take place later in the day, or the following business day. Once recording/funding occur, Buyer may take possession of the property as per the contract.
Keys & Move-In
After all the paperwork has been signed, recording has taken place and funding dispersed, the Seller will deliver possession of the property to the Buyer. The pick up or delivery of keys are coordinated by the Real Estate Brokers involved in the transaction.
There are still a few important items to complete when moving, and to help Buyers make sure they are taken care of, we have provided a few helpful checklists.
