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.
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 Seller, relates to transferring the deed to the new owners. There will also be paperwork related to filing taxes and reporting any capital gains.
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, you will also be given a check for your profits from the home sale, or the money will be wired to your bank, whichever you have specified. Now the transaction is complete and you have sold your home – congratulations!
Before we leave the Closing, we will confirm that the Buyer has called all utility companies to transfer accounts into their name. We will tell them what day is trash day and recycling pick up. 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 give all your keys, garage door openers, or other access items and codes for alarms to the new owners.
Take some time today to enjoy – Congratulations!
If you have questions about any of these steps, feel free to get in touch: