The Closing Process

Closing processes involve many documents, surveys, analysis and individuals, all of which can vary depending upon the property and conditions surrounding it.

Before any escrow can close, all the terms of the purchase contract must be met. At which point the seller will then deposit the deed and the buyer will deposit the funds. Here are some of the financial instruments and agreements involved:

• Fully executed purchase agreement and addendums.
• Deposit of earnest money.
• Home inspection or waiver.
• Fulfillment of seller obligations.
• Submission of pest inspection report and/or completion.
• Submission of the roof certification.
• The preliminary title policy.
• The beneficiary demand receipt.
• The certification of Request for Repairs.
• Completion of buyer inspections.
• The release of contingencies, if demanded.
• Buyer’s final walk-through inspection or waiver.
• Appraisal of property by lender’s appraiser.
• Lender’s loan approval and satisfaction of loan conditions by buyer.
• Seller’s signed and notarized deed conveying title.
• Seller’s and buyer’s signed escrow instructions.
• Buyer’s signed and notarized deed of trust and executed promissory note.
• Buyer’s signatures on all loan documents.
• Deposit of buyer’s funds from lender.
• Deposit of balance of buyer’s down payment and buyer’s closing costs.

How Long Does a Home Closing Take?
Most federally related mortgage loans can close within 30 days. There is also the special first-time home buyer program, which might take 35 to 45 days to close.