13. THE CLOSING
Final loan approval
The Estimated Closing Cost Settlement Statement (HUD-1)
Funding the loan
Recording the deeds
Canceling utilities in your name
Final Loan Approval
The buyer’s loan is approved. However, sometimes there are conditions that need to be cleared up before the lender funds the loan. They may want another explanation letter for something or they may want a correction on a document. Whatever the case, the title agent, the mortgage broker, or the buyer’s agent will work to solve these conditions. They are usually just minor items that need attention, but talk to your agent if you have any questions or concerns.The Estimated Closing Cost Settlement Statement (HUD-1)
Prior to closing you should get (or ask for) the estimated closing cost settlement statement from the title company. Look at the seller charges and make sure they look correct. If you have any questions, ask your agent or the title agent to explain them. Many times the HUD-1 is not ready until shortly before the close for various reasons. There is no need to worry. You can’t close without this statement and all parties will review the statement at the closing. If there are any mistakes they can be easily corrected on the spot. Funding the Loan
At this point the lender has already wired the funds into the title company’s bank account. Once everything has been signed and sealed the title company will disburse checks to all the interested parties to the transaction (seller, loan officer and your real estate agent). Recording the Deeds
The title company will take the deeds to the county recorder to record all of the documents. You will receive copies of all the documents you signed at the closing. Canceling the utilities in your name
Don't forget to cancel the utilities in your name. I usually recommend making the changes 2 or 3 days before the actual close. Your agent should have all of the utility company phone numbers. | 
