2007-02-23 07:47:25 · 3 answers · asked by Juleette 6 in Business & Finance ➔ Renting & Real Estate
SIGN CLOSING PAPERS, the act that happens at closing. This is when the contracts are signed and listed as official; all parties agree to the documents that make up the agreement of sale.
2007-02-23 08:18:34 · answer #1 · answered by whatevit 5 · 0⤊ 0⤋
The closing papers usually refer to at the end of the loan (final payment) the mortgage company transfers ownership over to you.
The lawyer will prepare the documents (closing papers) and once signed will register the House In your name (free and clear)
2007-02-23 15:56:44 · answer #2 · answered by Johnny 5 · 0⤊ 0⤋
First step: You make an application. Loan gets processed, underwritten (decision is made), loan is approved.
Then the loan has to be closed. Meaning you sign the legal paperwork accepting the loan, and providing the collateral for that loan (the house). This is usually done at a title company or legal office, in front of a notary. Loan closes, money gets paid out.
2007-02-23 15:51:16 · answer #3 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋