Closing The Deal

With negotiations on your purchase finalized, mortgage loan secured and insurance services selected, it is now time to sign all the paperwork and officially close the deal on your new home.

Reviewing the Closing Disclosure

Your escrow agent or title officer will receive a series of instructions from your lender, concerning all paperwork needed to consummate the deal. Once all the required insurances, documents and certifications are acquired, your closing agent will prepare the final loan package. As part of that loan package, the closing agent will prepare a Closing Disclosure, which is a statement that details your actual closing costs. By law, the Closing Disclosure must be provided to you three days prior to closing. REVIEW THIS DOCUMENT THOROUGHLY. It is vitally important to review the document and to compare it to the original Loan Estimate you received from your lender. The closing costs should be very similar to the original estimate. If you see any errors or have concerns about variations in prices between the two documents, report them immediately.

(To learn more about the Loan Estimate and Closing Disclosure, visit www.nat.com/CFPB to download our informative brochure or visit www.nat.com/NATTV )

Preparation for the closing
Finally, you will determine the time and place to close the transaction. Typically, all parties head to the closing table with a North American Title representative. The type of agent who handles your closing may vary depending on your state laws and customs.

When you come to the closing, please bring the following items:

All documents required by your lender
Valid Photo ID with signature for all parties (must be a U.S. driver’s license, U.S. ID card, or U.S. / foreign passport)
Any monies required at closing.
- Personal check: North American will accept a personal check for a nominal amount, depending on the region, made payable to North American Title.
- Cashier’s check: Funds over the nominal amount and up to $25,000 can be in the form of a cashier’s check payable to North American Title or in the form of a wire. In some states, funds in this amount can only be wired. Your North American Title representative will give you instructions.
- Wires: If funds are to be wired, contact North American Title for wiring instructions.
Bring your spouse

Please allow sufficient time for the closing process, as there are many documents you will be required to sign. Your North American Title agent will walk you step by step through the process, explaining each item in your mortgage package before asking you to sign. Call your local North American Title team if you have any questions before closing.

Closing The Deal

Home Buyer & Seller