The closing on your Stockton home takes place when the deed to the property is recorded with San Joaquin county in which the home is
located. Approximately three to five business days before the deed is to record, the escrow company will contact you to sign all your
closing documents. Once complete, your lender will receive their documents and fund the loan for closing.
Location of Closing
The closing on your new Stockton home in northern California normally takes place at the title company. We will confirm the date and
time with you when we set the appointment.
Closing Documents
At closing, the documents necessary to convey your new Stockton home to you and close the loan from the lender will be executed and delivered. In addition to these standard items, the lender, the title company, and the Realtors involved may require other documents to be signed. The principal documents typically include the following:Grant Deed - The grant deed conveys the home and lot to you, subject only to permitted exceptions.
Title Commitment - At or before closing, the title company will deliver to you a standard form for an Affiliated Land Title
Association (ALTA) owner's title insurance commitment to insure saleable title of your home to you in the amount of the purchase
price, subject to the permitted title exceptions that may be described in the purchase agreement. Review the title commitment
carefully. Discuss any questions with the title company. Within 60 days after closing, the title company mails a standard ALTA
owner's title insurance policy, insuring the title to your home in accordance with the commitment you received at closing. Keep
the title insurance policy with your other valuable papers.
One Year Home Protection Plan
- Review the brochure carefully.
Promissory Note
- The promissory note is from you, payable to the lender in the principal amount of the loan, plus interest. If you are putting less than 20% down, one-twelfth of your annual taxes and homeowner's insurance will be added to the principal and interest payments to determine your total monthly payment.
Deed of Trust
- This encumbers your home as security for repayment of the promissory note.
Closing Expenses
Certain customary items in connection with the property will be prorated to the date of closing such as prepaid expenses, or reserves required by your lender and homeowner's association, if applicable. Prorations of general real property taxes and assessments will be based on the current year's taxes and assessments or, if they are unavailable, on the taxes and assessments for the prior year.
The Final Number
The final cost figure is available near to the actual closing. Although a reasonably close estimate may be determined before the date of closing, the proration of several items included is affected by the closing date and cannot be calculated until that date is known.
Preparation
Plan to bring a cashiers check made out to the title company to your signing appointment. In your planning, be sure to allow time
to arrange for and obtain these funds. In addition, please keep the following items in mind.
Documents
- The Real Estate Settlement Procedures Act (RESPA) provides you with many protections. Under this law, you can review the
settlement page that lists costs you are paying at closing one day before the signing appointment. Although these documents are
not negotiable and thousands of home buyers have signed them, you should read them.
Insurance
- You need to provide proof of a homeowner's policy from your insurance company. Your insurance agent should exactly what is
needed. We suggest you arrange for this at least three weeks before the expected closing date.
Realtor or Lender Issues
- The title company is not authorized to negotiate or make representations on behalf of any of the parties involved in the
closing. Therefore please discuss any questions, agreements, or other details directly with your Realtor or your lender in
advance of closing.
Utilities - The seller will normally have the utility service removed from their name at closing. You will need to notify all applicable utility companies of your move so that service is provided in your name. We suggest that you contact these companies well ahead of time to avoid any interruption in service.
Click here for a list of utility company phone numbers
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