Definition
The final step in a real estate transaction where ownership legally transfers from seller to buyer. You sign all loan documents, pay closing costs, and receive the keys to your new home.
Related Process Terms
A professional assessment of a property's fair market value, conducted by a licensed appraiser. Lenders require an appraisal to confirm the property is worth at least the loan amount before approving financing.
The stage in the mortgage process when the underwriter has reviewed and approved all conditions, meaning your loan is ready to fund. Receiving a CTC typically means you're within a few days of sitting down at the closing table.
A five-page document provided at least 3 business days before closing outlining the final terms of your loan, rate, monthly payment, and all closing costs. Compare it carefully to your Loan Estimate to catch any discrepancies.
A condition that must be met for a real estate contract to remain binding. Common contingencies include home inspection, financing, and appraisal. If a contingency isn't satisfied, the buyer can typically walk away without losing their earnest money.
Helpful Resources
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