
04/13/2023
What’s Next?
In our last post, we explained what a Closing Disclosure is and how the buyer’s lender and settlement agent work in tandem to generate the form for closing. Once the Closing Disclosure is finalized, the remainder of the buyer’s down payment and loan proceeds are deposited into the settlement agent’s escrow account. If the transaction is a cash purchase (without financing), the buyer will also fund the remainder of the sales price and closing costs at this time.
The closing cannot occur until all funding has been verified. At SSD Title & Escrow, we always prefer the buyer to wire the down payment over a cashier’s or certified check. To facilitate the wire, SSD Title & Escrow will send the wiring instructions via a secure or encrypted message. As an added layer of security, we require the buyer to verify over the phone with SSD Title & Escrow, the instructions they received via email. A verbal confirmation of the wiring instructions received by the buyer reduces the risk of wire fraud.
So what’s next? Once all the required funding has been escrowed, we are ready for closing! In our next post, we will discuss what happens at the settlement table, including some helpful tips to ensure a smooth and stress-free closing.