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Frequently Asked Questions
What are the differences between the old HUD and the new CD (Closing Disclosure) ?
For many years the Title Industry used the familiar HUD document. It provided all information for the Buyer and Seller side of the transaction so that you would know where every charge was allocated. Recently, the government mandated a change in the documentation to enable the Buyers to be better informed about all aspects of the transaction, while pretty much segregating the Sellers information away.. The intention was to make the transaction easier and more straight forward for the Buyer to understand. The new Closing Disclosure or CD provides this easier explanation. A SAMPLE COPY of this form can be found in our Forms Section.
What are the STEPS and TIMING I can expect for my closing process ?
The individual steps involved in your closing and the absolute timing can vary relative to the complexity of your purchase and ensuring all of the sellers information is verified and accurate.
What are the costs relating to a real estate closing ?
Many of the costs relating to your closing are regulated by the NJ State Department of Insurance and Banking, while others are based on the value of your property or the re-finance amount of your loan. These may vary by lender but are fully explained by your financial contact with the lender and/or your attorney. Sterling prepares documents that fully define all of these cost and are then discussed with you prior to your closing by either your lender and/or your attorney depending upon the type of transaction.
Where will I need to go for my closing ?
Depending on the type of closing, yours may be held at your lenders offices, your attorneys offices, Sterling’s office or even at your home or business. At Sterling Title, we are very flexible as to the time and location that we will meet with you as agreed upon with your lender and attorney. Flexibility and accommodation to your needs and schedule is our pleasure.