106 - The yMORE Group at NEXA Mortgage

The Final Stage

Four parts of a successful closing

Several people and documents must come together before the transaction can be completed.

Final figures

The lender and closing professional complete the loan, title, tax, insurance, credit and cash-to-close calculations.

Required funds

The buyer delivers the final verified amount using a payment method accepted by the closing office.

Signed documents

The borrower, buyer, seller and other parties sign the documents required for the loan and transfer.

Completion and recording

Funds are disbursed and applicable ownership and mortgage documents are submitted for recording.

Review Before You Sign

Understanding your Closing Disclosure

For most covered mortgage transactions, the Closing Disclosure must be received at least three business days before closing. Use that review period to compare the final information with your most recent Loan Estimate.

Review the loan terms

Borrower names and property address
Loan type, term and purpose
Final loan amount
Interest rate and rate-lock information
Principal-and-interest payment
Mortgage insurance and escrow information
Prepayment penalty or balloon-payment terms when applicable

Review the transaction figures

Loan and third-party closing costs
Property taxes, insurance and prepaid items
Initial escrow deposits
Seller-paid costs and agreed seller credits
Lender credits or approved assistance
Earnest money and other deposits
Final cash-to-close amount

Do not wait until the signing appointment to report an error.

Contact your loan officer and closing professional promptly when a name, loan term, credit, payment or cash-to-close figure appears incorrect. A corrected disclosure may be required, and certain changes can affect the closing schedule.

Check the Property One More Time

The final walkthrough

The final walkthrough is generally a real estate and contract matter—not a replacement for an inspection and not a new opportunity to renegotiate without a contractual basis.

CONDITION

Check the home's condition

Confirm that the property remains in the expected condition and has not experienced significant new damage.

REPAIRS

Review agreed repairs

Confirm that contractually agreed work appears complete and that required receipts or documentation have been provided.

ITEMS

Confirm included property

Check that appliances, fixtures and other items required to remain under the contract are still present.

VACANCY

Confirm possession status

Verify that the seller has vacated when required and that remaining personal property is handled according to the contract.

SYSTEMS

Check accessible systems

When appropriate, confirm that accessible utilities and major systems appear to remain operational.

REPORT

Report concerns immediately

Contact your real estate professional before closing if the condition does not match the contract or prior agreements.

Protect Your Closing Money

Closing funds and wire-fraud prevention

Criminals may impersonate a lender, title company, closing office, attorney or real estate professional and send false payment instructions shortly before closing.

Confirm the payment method

Ask the closing office in advance whether your funds must be wired or delivered through another approved method.

Verify instructions by phone

Call a trusted number obtained independently—not a number contained only in the email with the instructions.

Verify every detail

Confirm the receiving bank, account name, account number and any required reference information.

Treat changes as suspicious

Last-minute changes to banking information, account names or delivery instructions should be independently verified.

Confirm receipt

After sending the funds, contact the closing office through a trusted channel to confirm that the correct account received them.

Act immediately if concerned

If money may have been misdirected, contact your bank and the legitimate closing office immediately.

Never send closing funds based solely on an unexpected email.

Email accounts and existing message chains can be compromised. A message can look legitimate even when the payment instructions have been replaced by a criminal.

Prepare for the Appointment

What to bring and confirm before signing

Your closing professional will provide the final appointment instructions. Requirements can vary based on the transaction and how documents will be signed.

An acceptable, unexpired government-issued photo ID

Any additional identification requested by the closing professional

Confirmation that required closing funds were delivered correctly

Your final Closing Disclosure and questions you want answered

Any original documents specifically requested for closing

Confirmation that every required borrower or signer will attend or has approved signing arrangements

Any approved power-of-attorney or trust documents required for the transaction

Your loan officer's and closing professional's trusted contact information

Do not assume that a remote signer, power of attorney, trust, business entity or non-borrowing owner can be added at the last minute. These arrangements generally require advance lender and closing review.

Read Before You Sign

Documents you may see at closing

The exact package depends on the loan, property and transaction. Ask for an explanation when you do not understand a document.

Promissory note

The note is your written promise to repay the loan according to the stated interest rate, payment schedule and other terms.

Mortgage or security instrument

This document gives the lender a secured interest in the property and explains important borrower and lender rights and obligations.

Closing Disclosure

The final disclosure summarizes the loan terms, projected payment, closing costs and allocation of transaction funds.

Deed

The deed is the document through which the seller transfers the applicable ownership interest in the property to the buyer.

Tax and escrow documents

These may address property-tax information, insurance, escrow collection and authorization to make future property-related payments.

Occupancy and identity documents

These may confirm identity, intended occupancy, name variations and other representations made during the application.

Title and settlement documents

These may address title insurance, closing charges, disbursements, legal descriptions, ownership and recorded matters.

Loan-program forms

FHA, VA, USDA, conventional or assistance financing may require additional certifications, disclosures and program-specific documents.

A home purchase generally does not include a three-day right to cancel after signing.

Review questions and concerns before signing. A federal rescission period may apply to certain refinances and other non-purchase transactions, but it generally does not apply to a mortgage used to purchase the home.

Signing Is Only One Step

When is the transaction actually complete?

The exact sequence depends on the closing arrangement, but several steps may remain after the buyer finishes signing.

Documents are signed

Every required party completes the applicable loan and transfer documents.

Funds are confirmed

The closing professional confirms receipt of the buyer's funds and applicable lender funds.

Closing is authorized

Final lender and settlement requirements are satisfied so the transaction can be completed.

Funds are disbursed

Transaction funds are distributed according to the approved settlement figures.

Documents are recorded

The deed and mortgage are submitted to the appropriate Alabama county recording office.

Possession is released

Keys and possession are handled according to the sales contract and confirmation from the responsible closing professional.

Final records are retained

The parties receive or retain copies of the final signed loan and closing documents.

Servicing begins

The borrower follows the official instructions for the first payment and ongoing loan servicing.

Do not enter the property or begin moving in until possession is confirmed.

Signing documents does not by itself override the contract's possession terms. Wait until the real estate and closing professionals confirm that keys may be released.

Your Responsibilities Continue

What happens after closing?

Keep your final documents and watch carefully for legitimate payment information, tax notices and insurance correspondence.

PAYMENT

Confirm your first payment

Use the due date and official payment instructions in your closing and servicing documents. Do not rely on memory or an advertisement received by mail.

SERVICER

Watch for servicing notices

The company collecting your mortgage payment may change. Review official transfer notices and confirm where future payments must be sent.

ESCROW

Monitor taxes and insurance

Even with an escrow account, review insurance, tax and escrow notices to ensure required bills and coverage remain current.

RECORDS

Keep your documents

Retain your note, mortgage, deed, Closing Disclosure, title policy, survey and other important property records.

SCAMS

Expect unsolicited mail

Recorded mortgage and property information may become public. Mail that mentions your lender or loan is not automatically affiliated with them.

ADDRESS

Update important accounts

Update your mailing address, utilities, insurance, tax records and other accounts associated with the move.

Alabama Homeowner Note

Alabama steps after purchasing the property

The closing professional generally handles submission of the deed and mortgage for recording, but the new owner should still confirm that local property-tax and exemption matters are properly addressed.

The deed is recorded in the Probate Office for the Alabama county where the property is located.
Alabama imposes applicable recordation taxes on deeds and mortgages as part of the transaction.
Property should be assessed through the appropriate county Revenue Commissioner's or assessing office.
A property-tax bill may continue to appear in the previous owner's name until local records are updated.
The owner remains responsible for confirming that applicable property taxes are paid even when a bill lists the previous owner.
Eligible owner-occupants should contact the local county office about applying for an Alabama homestead exemption.
Homestead eligibility and filing requirements depend on ownership, occupancy and applicable state and county rules.
Report mailing-address changes to the local county property-tax office so future notices reach you.
Keep copies of the recorded deed, title policy, survey and closing package with your permanent property records.
Contact the closing professional if the deed or ownership information appears incorrect after recording.

Common Questions

Alabama closing FAQs

When should I receive my Closing Disclosure?

For most covered purchase mortgages, you must receive the Closing Disclosure at least three business days before closing. Review it promptly and report questions or errors.

Can the Closing Disclosure change after I first receive it?

Yes. Figures may be corrected or updated before closing. Not every change creates a new three-business-day waiting period, but certain significant changes may require one.

Can I bring a personal check for my cash to close?

Do not assume that a personal check will be accepted. Confirm the required payment method, timing and exact amount directly with the closing office before the appointment.

When should I send my wire?

Follow the closing professional's timing instructions, allowing enough time for the funds to arrive and be confirmed. Independently verify all wiring information before sending money.

Can someone sign for me using a power of attorney?

Possibly, but the power of attorney and proposed signer generally require advance approval by the lender, title or closing professional and applicable loan program. Do not wait until closing day to request it.

Do I own the home as soon as I sign the papers?

Signing is an important step, but funding, closing authorization, disbursement and recording procedures may still remain. Wait for confirmation that the transaction is complete and possession has been released.

Do I have three days to cancel after buying the home?

A mortgage used to purchase a home generally does not include the federal three-business-day right of rescission that may apply to certain refinance or home-equity transactions.

When is my first mortgage payment due?

Your exact first-payment date appears in your loan and closing documents. Confirm the date, servicer and payment instructions before leaving closing.

What happens if my mortgage servicer changes?

You should receive official notices explaining the transfer and when to begin sending payments to the new servicer. A servicing transfer does not by itself change the agreed loan terms.

Do I automatically receive an Alabama homestead exemption?

Do not assume it is automatic. Eligible owners should contact the appropriate county office to confirm the application, occupancy, ownership and filing requirements.

Why is the property-tax bill still in the seller's name?

Local property-tax records may not update immediately after the sale. Confirm the property has been properly assessed and that taxes are paid even when the bill still displays the prior owner's name.

Closing on Your Alabama Home

Closing is more than signing a stack of documents.