What Happens at Closing?
The property is officially transferred from the seller to you at "Closing" or "Funding".
At closing, the ownership of the property is officially transferred from the seller to you. The “closing” is the last step in buying and financing a home. The "closing,” also called “settlement,” is when you and all the other parties in a mortgage loantransaction sign the necessary documents. After signing these documents, you become responsible for the mortgage loan.
Clear to Close
When your loan officer calls to say your loan is Clear to Close (CTC) that means the underwriter has approved all documentation necessary for the title company to schedule the closing and start drafting the Closing Disclosure. But it isn’t a guarantee your loan will close. Prior-to-Funding conditions have to be cleared prior to the wire transfer