Page 15 - Homeowners Manual - San Joaquin County

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 insurance information.
• NOTE: Wiring instructions will be subject to strict verifications to prevent fraud. Discuss this with your
closing professionals well in advance.

6. Closing Disclosure (CD)
• A closing statement called the Closing Disclosure (CD) will be used for most loan applications processed
after October 3, 2015. The CD will be sent directly to you (buyer/consumer) and not your real estate agent.
• The CD is designed to make it easy for you to understand the terms of your loan.

7. Three-Day Review Period
• The Closing Disclosure (CD) must be delivered to the buyer/consumer at least three business days prior to
signing the documents.
• If the CD is delivered via email, it is important to acknowledge receipt to avoid additional delays.
• The CD may also be mailed seven days in advance and does not require proof of receipt.

• This time allows you to share it with your agent, attorney and/or financial advisor, and ask questions or get
clarification from your lender about the terms and conditions of your loan.

8. Lender’s Title Insurance Policy
• Lenders typically require their borrowers to purchase a Lender’s Title Insurance Policy for the purchase loan(s).
• The fees are usually based on the amount of the loan(s).
• A lender’s policy protects only the lender’s interests should a problem with the title arise.

10