Page 12 - Home Buyers and Sellers Handbook English - California

TOP THINGS CONSUMERS SHOULD KNOW ABOUT THE CLOSING PROCESS

1. Time is of the Essence
• To avoid delays or a postponement of your closing, be sure to respond to lender and escrow officer
requests immediately.
• Work closely with your lender, real estate agent and escrow officer to avoid delays.

2. You Have a Choice
• When it comes to service providers associated with your closing, you have a choice. This includes the
company that will close your transaction. In certain areas, the seller may pay for some closing costs and may
be able to select the closing company.

3. Protecting your Information – Secured Emails
• As an additional security measure to protect your non-public personal information, you may receive secured
emails from your lender and escrow officer.
• You will need to follow the instructions for retrieving that information (which require you to create an
account) and make sure that you return any information through the secured email system.

4. Loan Estimate (LE)

• The Loan Estimate (LE) will be sent to you within three business days of your loan application. You may
receive multiple copies of the LE if there are any changes in circumstance(s).

• The terms provided on the LE will also appear on the Closing Disclosure (CD). Lenders are required to
explain any changes in fees on the CD.

5. Preparing for Closing
• Approximately 10 – 14 days before you are scheduled to sign your documents, you should be prepared to
communicate with your lender, real estate agent and escrow officer. It will be important for you to provide
your hazard (homeowners) insurance information.

• Wiring instructions will be subject to strict verifications to prevent fraud. Discuss this with your closing
professionals well in advance. Wiring instructions rarely change over the course of a transaction.

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