It’s time for you to attend closing!
The closing will be at the title company you have most likely chosen. (In some cases, the seller will chose the title company and that will be negotiated in the original contract) A closing confirmation email showing the date, time and location will be sent out prior to closing. Closing will not be set until the Buyer’s lender issues a clear to close (CTC) 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 efficiently complete the move. Most closings take approximately 1 hour but sometimes can take longer if there are any issues.
A few important reminders for Attending closing:
- Bring your photo ID with you (ideally a driver’s license or passport)
- Bring your certified cashiers check in the amount instructed by the title company
- Bring your checkbook (just in case)
Closing takes approximately 1 hour, however, it can be as short as 30 minutes or up to 2 hours if there are problems. On average, expect to be finished in 1 hour.
While Attending closing, in addition to you, there will usually be the following people present:
- Your real estate agent
- The seller’s real estate agent
- The sellers
- Your mortgage lender
- The title attorney. The title attorney makes sure everything is signed properly, sends all of the signed documents to the underwriter for one last review and issues any refund checks at the end of closing.
A note about spouses who are not on the mortgage loan:
Even if your spouse is not on the loan, most of the time, your spouse must sign the mortgage to waive homestead rights (providing certain protections from creditors). Talk to your lender if you are divorced or getting divorced. You may need to bring additional documentation, such as a divorce decree. Even if your spouse is not on the deed, for a home, your spouse usually must sign the deed to release homestead rights (providing certain protections from creditors).
During closing, make sure you understand how and when the taxes get paid and how to get the exemptions (homeowner and senior citizen) you are entitled to, as these exemptions usually save you several hundred dollars per year. The title attorney 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, you will receive a copy of the Act of Sale and Closing Disclosure. Hold on to this! You will need it to file your homestead exemption. 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! Congratulations homeowner!
Next, Step 19: Final Wrap Up