Closing a home deal can be tricky. Having the proper documentation can make the process run more smoothly. Here is a list of some of the documents you’ll see when closing a home escrow. 

#1 — Proof of Homeowners Insurance

Proof of homeowners insurance is an insurance policy declaration page typically required by a lender when buying or refinancing a home. 

The declaration page includes:

• The insurer’s name.
• The policy number.
• The effective dates of coverage.
• The location of the property insured.
• A description of the covered property.
• The coverage amounts.
• The named insureds. 

#2 — Closing Disclosure

A Closing Disclosure is a document that provides final details about the mortgage loan you have selected. It includes information about the loan, the closing costs you will pay, and the terms of your loan. 

#3 — Completed Loan Application

A completed loan application is a form that includes all the information a lender needs to process a loan. This includes personal information such as name, address, and Social Security number, as well as financial information such as income, employment history, and debts. Lenders also use the completed loan application to assess the risk of lending to a particular borrower.

#4 — Title Documents

Title documents are the official records maintained by the local county office that indicates who owns a property. The most important document is the deed, a legal document that transfers property ownership from one person to another. 

#5 — Mortgage Note

A mortgage note is a legal document that creates a lien on a property to secure a loan. The note includes the loan amount, interest rate, term, and repayment schedule. It also spells out the borrower’s obligations, such as making timely payments and maintaining the property.

#6 — Deed of Trust

A deed of trust is a legal document that conveys the title of real property to a trustee, which holds and manages the property for the benefit of a third party, called the beneficiary. 

#7 — Certificate of Occupancy

A certificate of Occupancy proves that a building is up to code and safe for occupants. It’s an essential document for both property owners and tenants alike. Without a CO, you may not be able to occupy a space legally. 

#8 — Title Documents

It is a legal document that establishes property ownership and can help prevent future disputes. The title document includes the names of the current owner and any previous owners and a property description. It also lists any liens or mortgages on the property.

#9 — Deed

A deed is a legal document that conveys ownership of real property from one person or entity to another. For the transfer of ownership to be legal, the deed must be properly executed and recorded with the appropriate government agency. 

These are just some of the documents you’ll see when closing a home escrow.

The Big Orange Press

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