The Closing Process

How are closings typically conducted?

In person or through escrow

Which type of contract allows a buyer to legally possess the property after all of the terms and conditions have been met?

Sale agreement

Trinity has applied for a home equity line of credit ( HELOC) to perform some upgrades on her home. Within what time frame must her lender provide the Closing Disclosure?

The CD isn't required for a HELOC

What is the minimum number of business days prior to closing that lenders have to provide borrowers with the Closing Disclosure form?

Three

Once buyers submit their loan application, they must be given their Loan Estimate. At the very least, they must receive the Loan Estimate within__

Three business days after submitting the loan application

Lawrence is a buyer closing on a home purchase for which he's obtaining financing. He receives a Loan Estimate from his lender. What's the purpose of this document?

To detail the estimated closing costs for Lawrence's loan