Question

Your client, Risa, is about to attend her first closing. Which of these activities can she expect to occur on the day of closing?

a. A preliminary title report will be issued.
b. Her loan funds will be transferred.
c. She'll provide a pre-approval letter to the seller.
d. She'll receive her loan approval.

Answer 1

On the day of the closing, Risa can expect a preliminary title report, the transfer of loan funds, and receiving her loan approval.

Step-by-step explanation:

On the day of closing, Risa can expect the following activities to occur:

1. A preliminary title report will be issued: This report provides information on the legal ownership and any liens or encumbrances on the property.
2. Her loan funds will be transferred: This is when the funds from her loan are disbursed to the appropriate parties involved in the transaction.
3. She'll receive her loan approval: Prior to the closing, Risa's loan will have gone through an approval process, and she will receive confirmation that her loan has been approved.

These activities are typical for a closing and are important steps in finalizing a real estate transaction.