Schedule the Closing On Your Calendar
Now that you have an executed contract, it’s important to schedule the closing on your calendar and arrange to take the day off from work.
Here are a few things to know about your closing date as specified on your executed contract:
- It could change. While we hope closing occurs on your closing date, there are many factors which could cause it to be pushed back, such as a tight time frame for closing (anything 30 days or less) causing the mortgage company to need more time, etc. However, for planning purposes right now, count on your closing date being the final date.
- Closing generally takes place at a title company. On average closing takes about an hour. Title company’s work banking hours. We can schedule on the hour from 9:00 am with the last closing at 4:00 pm.
- While I aim us all towards a location and time, nothing is firm until your mortgage officer gives us Clear to Close (CTC), meaning you’ve been completely approved for the loan without any conditions. This generally occurs 3 days to one week prior to your closing.
- It’s best if you attend the closing in person, however, if you can’t be there that day, notify me, your mortgage lender, and the title company. That way the title company can create a Power of Attorney (POA) so you can skip the closing. This needs to be done at least two weeks in advance of closing as your mortgage officer needs to review and approve the POA, you need to have it signed and notarized and get the original signed paper copy back to the title company at least one day before closing. In addition, write a letter explaining why you can’t attend the closing. Attend closing, it’s important you understand the closing documents, when your first mortgage payment is due, how you make your first mortgage payment, etc. All of that will be explained at the closing.
- The day prior to closing you will need to wire transfer your down payment and closing costs to the title company (anything over $10K). The wire instructions for this transfer will come from the title company. Do not follow anyone else’s instructions unless it comes directly from them. There are many scams out there targeted at buyers where scammers will email you fake wire transfer instructions in an attempt to steal your money. Therefore, it is imperative that you only follow instructions sent from. At the end of closing you will receive a refund check for the overage amount which you will take with you when you depart.
- If you are planning to move into your new home on the day of closing, schedule the move for at least 1 – 2 hours after closing ends, if possible. Legally you can’t move into the house until the end of closing once the bank funds the loan and transfers the funds to the seller.
- At the very end of closing, you will receive the keys to your new home!
Have any questions? Call or text: 317.413.1360 or email me at: LeeAnnBalta@C21Scheetz.com