Cal. Code Regs. Tit. 22, § 91481 - Closing of the Loan

(a) The closing of the loan shall take place at such time and place as agreed upon by all parties consistent with the completion of all necessary document reviews and financial arrangements.

(b) Actions taken at the closing shall constitute a single transaction and all documents to be executed and delivered or monies to be delivered shall be considered as having been delivered simultaneously.

(c) All real property security documents shall be recorded prior to closing with the county recorder in the county in which the secured property is located.

(d) An executed American Land Title Association (ALTA) title policy, written in an amount not less than the principal amount of the loan to be insured, with the State designated as an additional insured, shall be delivered to the State. After delivery of such title policy, the Office shall deliver to the borrower the contract of insurance executed by all parties.

Notes

Cal. Code Regs. Tit. 22, § 91481

1. Amendment of subsection (e) filed 12-18-81; effective thirtieth day thereafter (Register 81, No. 51).
2. Order of Repeal of subsection (e) filed 6-3-85 by OAL pursuant to Government Code Section 11349.7; effective thirtieth day thereafter (Register 85, No. 26).

Note: Authority cited: Sections 436.3 and 446.2, Health and Safety Code; and Section 11152, Government Code. Reference: Sections 436.3 and 436.8, Health and Safety Code.

1. Amendment of subsection (e) filed 12-18-81; effective thirtieth day thereafter (Register 81, No. 51).
2. Order of Repeal of subsection (e) filed 6-3-85 by OAL pursuant to Government Code Section 11349.7; effective thirtieth day thereafter (Register 85, No. 26).