Welcome, first-time home buyers in San Diego! Buying a home is an exciting milestone, but it's essential to be prepared for potential delays during the closing process. As your trusted real estate agent, we're here to keep you informed and assist in making your closing experience as stress-free as possible. Although closing procedures differ from state to state, understanding and preparing for potential requirements will help ensure a smooth settlement process.
LENDER REQUIREMENTS: Your lender might request extra documentation or inspections (e.g., roof, septic, water) to meet loan underwriting guidelines. To speed up your loan processing, promptly submit any requested documents.
SURVEY: If a survey endorsement is needed for your lender's policy, you'll have to obtain one. If the seller has a previous survey and no structural changes have occurred, the lender might approve its use.
BUYER PROTECTION PLAN: If a home warranty is included in the contract, please give the invoice to your escrow officer.
HOMEOWNER INSURANCE (Hazard/Flood): Your lender will need a policy copy and a paid receipt or invoice at least 10 days before closing. The policy must display the lender's full name and address.
CONDOMINIUM APPROVAL: If you're buying a condo, written approval from the Condominium Association might be necessary. Make sure to apply early, so your closing agent has the required form, avoiding delays.
POWER OF ATTORNEY: If using a power of attorney, inform your closing agent and lender ahead of time for proper document review and approval.
MARITAL STATUS: Even if not holding title or appearing on the deed, spouses might need to sign specific closing documents. Consult with your closing agent and lender about required signatures.
CLOSING DISCLOSURE (CD): This mandatory form must be given to you at least 3 business days* before signing. If you have questions or notice incorrect information, inform your lender immediately.
MAIL-AWAY: If you can't attend the signing, provide a mailing address and contact number for closing documents. Some documents may require notarization.
*For the CD, a "business day" excludes Sundays and federal legal holidays.