It’s closing time!
Generally, the parties make every effort to close at a location close to the property being purchased, but it is the buyer’s right. An email confirming the date, time and location will be sent out before closing. The closing will not be set until the Buyer’s lender issues a clear to close loan approval.
Once closing is scheduled, we recommend calling to confirm your movers one last time. Make sure they have the proper sized crew and truck to complete the move efficiently. If you are moving out of a condo and are not on the first floor, let them know, especially if your building doesn’t have an elevator. Most closings take approximately an hour but can take longer. If you are moving on the day of Closing, please be sure to give yourself enough time to complete it before you need to meet your movers.
A few important reminders for closing:
1. Bring your photo ID with you (ideally a driver’s license or passport)
2. Bring your checkbook (just in case)
3. Closing takes approximately an hour but could be longer.
People present at the Closing
1. The title officer. Basically, the title officer runs the show. They review all the documents and makes sure everything is adequately signed, sends all of the signed documents to the underwriter for one last review and issues any refund checks at the end of closing.
2. The seller’s agent. He or she will be available should any problems arise.
3. The sellers. To sign all the required documents, provide you information during a period the title office leaves the room to send signed documents to the lender.
4. I, your agent, will be available should any problems arise. If I’ve done my job, the closing is going to be anti-climactic.
5. You, to sign all the required documents and receive information.
During a period of time, the title office leaves the room to send signed documents to the lender and ask last minute questions.
At this moment, you will receive information on how to file exemptions. Make sure you understand how and when the taxes get paid and how to get the exemptions (homeowner, mortgage, and senior citizen) you are entitled to as these exemptions usually save you several hundred dollars per year. The title officer should review this information with you in detail at the closing, but if not, be sure to ask.
At the very end of the closing, the Title officer may give you an overage check which is a refund of any additional money you transferred over when you sent your down payment and closing cost fees. You’ll also receive a copy of the Closing Disclosure. Hold on to this! You’ll need it next year when you prepare your taxes.
Last, but not least, you’ll get your keys and can now officially move in!