Legal Question in Real Estate Law in California
Closing Statement
Can escrow change the closing statement after it is signed? It is my understanding that when signing the loan docs we are supposed to be provided a statement of actual costs. The day we were supposed to sign the papers we called the notary and she informed us that we needed to pay $4821.81 for prop taxes which was not told to us before. We cx the appt because we didn't have the money. We had rescheduled our notary appt for the following business day. We contacted the title Co & our broker to inform them of the situation. They made arrangements to get us some credit to help us out a bit on the costs. Since the notary already had all of the original docs...they faxed me a revised copy of the estimated closing statement and told me to give this copy to the Notary to replace the copy that was included in the loan docs. We did this and we signed the faxed statement with the notary that night. Then we received a final statement one week later and the taxes were not paid in full. If we had known about this when we signed the papers or if someone had called us by phone the next day we would have had 3dys to back out if necessary. We weren't given that option. Is this legal? We never saw/signed a copy of the final before signed
1 Answer from Attorneys
Re: Closing Statement
You should probably take all of the escrow and purchase documents to an attorney and have them reviewed. Generally, however, during escrow you are asked to sign a document that allows the escrow company to correct mistakes in their documents.
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