Its Signing time...an exciting time in the Homebuying process! Signing time means Closing Time is right around the corner, but you don't receive the keys...yet. There's a misunderstanding that homebuyers have when it comes to signing...in California, the signing date occurs at a separate time and sometimes a different day than closing day.
Initially, in the Real Estate Purchase Agreement, the closing date stated is the actual date homebuyers should expect to receive their keys. Depending on the progress of the transaction, lenders may be able to close before or need to extend the closing date. this date. In today's market the typical closing time period is 45 days. Unless the 45th day falls on a Saturday or Sunday, then the closing will occur on the following business day.
It's good to note...signing time doesn't mean you are guaranteed to close and own the home. In real estate, ownership is not official until the property has been recorded. After the homebuyer has signed the loan documents, the underwriter will complete a final review...including the loan documents, verifying employment, and credit. So, its important that the homebuyer continues the same budgeting discipline until ownership is obtained.
COME TO THE SIGNING PREPARED
All homebuyers will need to be present and bring valid identification and cashiers check. The cashiers check will need to be in the exact amount stated on the Estimated Settlement Statement. This statement is provided before the homebuyer is scheduled to sign loan documents. As your trusted Realtor, I always review this statement to assure the figures are accurate. The Estimated Settlement Statement will include Downpayment and closing costs. The Earnest Money Deposit provided at the beginning of the transaction.
You are not in this alone and will not be alone at signing. The Notary Signing Agent, Loan Offier, Escrow Officer, and Real Estate Agent are allowed to be present at signing. As your agent, I always set time aside to be present for my clients. Although the Notary Signing Agent is the person responsible for reviewing the documents...I like to be present just in case questions and/or concerns occur. The homebuyer should set aside at lease 1 hour to sign all documents. Again...Come to the signing prepared to carefully read and sign the loan and real estate documents and do not hesitate to ask questions before signing any document that is unclear. It is vital that you understand all documents before you sign them.