1) After the loan is approved, the bank that approved the loan sends the legally written loan documents to the lawyer designated by the client by mail.
2) When the loan documents are delivered to the lawyer, they sign the loan documents in the sense of legally accepting the loan. Of course, you have to do it in person in front of the lawyer or a delegated lawyer, and the lawyer also serves as a witness to the fact that the customer signed the autograph. If a couple wants to purchase a house jointly and get a joint loan, but one of them is staying abroad and cannot sign the loan documents directly, it is convenient to make a power of attorney in advance. .
3) The signed loan documents are sent to the loan headquarters of the bank along with other documents prepared by the lawyer. Usually, at this time, you must also send the housing insurance documents for the house. Since it is a loan secured by a house, the bank, which is the secured creditor, must require housing insurance to protect the house, which is the collateral. It is the customer's choice which insurance company to subscribe to, but requires that the bank's name be recorded as an interested party in the insurance policy. This home insurance is essential, no matter how large or small the loan amount is.
4) On the balance date, the bank pays the loan directly to the client's lawyer. Usually, the money is deposited into the trust account of the lawyer's firm. In addition to the loan, the remaining amount to be paid by the customer can be deposited into the trust account.
5) The client's attorney pays the seller's attorney the sum of the amount received from the client and the amount paid by the bank. At the same time, it takes over the key to the house and delivers it to the customer. If you are planning to move on the same day as the loan payment, if you make an appointment with a transport company or a cleaning company too early in the morning, you may be disappointed that the key is not delivered on time, so it is better to plan ahead.
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