Closing Disclosures vs Closing Documents.

Closing documents are a set of legal documents that are prepared at the end of a real estate transaction. These documents finalize the sale of a property and transfer ownership from the seller to the buyer. The documents will typically include a settlement statement, title transfer documents and any other legal documents related to the sale.

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Closing disclosures are a set of legal documents that are required by federal law to be provided to the buyer at least three days before the closing of a real estate transaction. These are part of your closing documents if you are a buyer and you are lending money to buy the property on the transaction. The disclosures will include information about the loan, the interest rate, and the various fees/costs associated with the purchase. In short, they outline the terms of the loan and the costs associated with the purchase of the property.

 

The process for signing closing documents and disclosures with Designer Real Estate Group typically involves the following steps:

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1. Preparing the documents: Once all parties have agreed to the terms of the sale, the closing documents are prepared by the escrow agent, title company and lender.
    

2. Scheduling the closing: Once the documents are prepared all parties involved in the transaction, including the buyer, seller, lender and their respective agents, are contacted by the escrow agent/title company to set the signing date and time. Currently, most title companies offer signing in the comfort of your own home by mobile notary or at the title company's office. Usually in Oregon and Washington buyers and sellers will sign documents separately. 
    

3. Reviewing the documents: The buyer will receive and sign the closing disclosures at least three days before closing. During the closing, the buyer and seller will review the closing documents with their escrow agent, title company or mobile notary. It is important to carefully review all documents to ensure that they are accurate and reflect the terms of the sale.
    

4. Signing the documents: Typically the buyer and seller will meet separately at the designated location, sometimes at the office of the escrow agent/title company other times the title company will have a mobile notary come to the buyer or seller's current home for signing. The closing agent will guide the each party through the signing of the various documents. 
    

5. Finalizing the sale: Once all documents have been signed, the closing agent will distribute funds as necessary and record the transaction with the county recorder's office. The sale is complete, and the buyer officially becomes the new owner of the property.
    

Overall, the process of signing closing documents in Oregon and Washington involves careful review of legal documents, followed by a formal meeting where each party signs and finalize the sale. It is important to work with a knowledgeable real estate professional to ensure that the transaction proceeds smoothly and all necessary documents are properly executed.