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San Diego downtown real estate broker

Bob Schwartz, CRS, GRI 

Certified Residential Specialist



San Diego, California 92101

Telephone - Cell:
(619) 300-8819

(619) 229-0048

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Real Estate --- The closing


This is one of the most commonly asked questions when it comes to real estate. It is basically the last step to taking ownership of your new property. It is a process which enables a third party to sit down with all the parties involved with the sale and go over all the details. There are many questions people ask about closings.

Who will be at the closing?

In San Diego, the closing is handled by the escrow and title company. All paper-work is in order prior to the actual closing day and so, at the closing day no one actually comes. But, for many other locations, things are quite different. There, the closing agent will be there to preside over the closing. He may work for the lender or the title office and is usually an attorney. The other people present will be the buyer and seller, who may bring their attorneys, and the real estate agent handling the sale. The title company will also send a representative who can give the evidence of a clear title. The lender will also be present.

How long is the closing process? The closing process is actually the shortest meeting during the entire buying process. It normally only takes about an hour from start to finish.

Do I get the keys to the house at the closing?

Under normal circumstances, the keys will be given to you by the seller at the end of the closing. There may be stipulations which allow the sellers to stay in the home for a set period of time. This will have been decided when the purchase agreement was signed.

What happens at the closing?

This is where you will be signing the final documents pertaining to the purchase of your new home. This will include the Truth in Lending Statement. This is also referred to as a Regulation Z. The lender must present this so you know exactly what the interest rate is and what the entire amount of the loan is going to be. This paperwork will enable you to see the total cost of the loan, the interest rate, the amount borrowed, and the annual percentage rate.

You will also sign the note and the mortgage. The note is the actual paperwork that states you are borrowing X amount of money and plan on paying it back in the terms written therein. The mortgage is the lien on the property you are purchasing.

The warranty deed will be given to the buyer and the seller to sign. The signing is the transfer of ownership.

You will also be required to sign, along with the seller, a proration agreement which explains how the money owed for taxes and such is going to be paid the month of the closing.

The abstract will also be a part of the closing paperwork. This is the history of the property, on paper. This will include prior sales and any other important information about your new home.

There will be an affidavit which states you are who you say you are and you can prove it. This will need to be signed as well.

Of course, one of the last papers you will sign is the one stating you have seen all these other papers and have a copy of them.

The closing may seem tedious. It is worth the effort when you are able to walk into your new home and know it belongs to you.


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