For most closings, documents are delivered the day before or even the day-of closing.
Some disclosures, others non-binding notices to the borrower, while others still are legally binding.Here we provide you with sample versions of many of the documents you will see at the settlement table, all in PDF format. You will have to sign several pages and should expect your closing appointment to take approximately one hour.
The Closing Disclosure form consolidates the final Truth in Lending disclosure with the Closing Disclosure form must be delivered to the consumer at least three business days prior to the scheduled closing date. This is known as the 3-Day Rule.
A three-day window is great for consumers who can use the time to fully review their documents, ask questions and gather funds and other items needed for closing, but the 72-hour window is firm.
This is your mortgage. The Deed of Trust is a lengthy document (approximately 7 to 12 pages) requiring the signature of all owners of the property for the purpose of granting a security interest. After closing, the Deed of Trust is recorded with a legal description as a lien among the land records and as a matter of public record for the purpose of securing the borrower’s promise to repay on the Deed of Trust Note/Promissory Note.
In addition to identifying the property owners, the loan amount and the term of the loan, the Deed of Trust generally describes matters that would constitute a default on the loan thereby giving the lender cause to commence a foreclosure proceeding against the property.
The Note, sometimes referred to as either the Deed of Trust Note or Promissory Note, is the borrower’s promise to repay the loan. The note identifies the amount of the loan, the rate of interest, the term of the loan (i.e., 30 year, 15 year, etc.), the payment due dates, the grace period and late charges, prepayment penalty provisions, and other general default provisions.