It’s Closing Day! What should I bring?
The day has finally arrived – we have made it to the Closing table! You should plan on closing taking at least an hour, though sometimes it is shorter than this. You should bring a legal and unexpired ID (drivers license or passport) with you and you may also be wise to bring a second ID that also has your name on it such as a credit card. It is also wise to bring your checkbook just in case there is a small discrepancy in final costs.
Who “Runs” the Closing?
The Title Company usually provides the “Closer,” an individual who will marshal the stack of closing papers. The Closer will alternate between the Seller and the Buyer. Most of your paperwork, as the Buyer, relates to formal acceptance of your loan terms. There will also be paperwork related to filing taxes and reporting your Homestead Deduction on your new home.
Feel free to ask questions and ask for clarification of the purpose of any documents you do not understand, but realize that most of this paperwork is standard for any home purchase.
How Long Does it Take and When is it “Done”?
After collecting all signatures, the Closer will leave the room to go scan all documents and submit them to the lender, who will then give final approval and activate the loan. When the Closer receives confirmation that this has happened, they will return with copies of documents for Buyer and Seller. At this point, our transaction is complete and you now own your new home – congratulations!
Before we leave the Closing, we will confirm that the Seller has called all utility companies to transfer accounts into your name. We will find out what day is trash day and recycling pick up if that is available to you. We will confirm that the Realtors have contact information in case either party needs copies of documents or has questions going forward. You will then be given all keys, garage door openers, or other access items and codes for alarms.
Take some time today to enjoy – but as soon as you leave closing, presuming you have possession at closing, you could begin moving into your new home. Congratulations!
If you have questions about any of these steps, feel free to get in touch: