Attend the closing
It’s closing time!
The closing will take place at the title company we chose at the beginning of the closing process. The exact day/time will not be set until your lender issues the Clear to Close loan approval.
Once closing is scheduled, I recommend calling to confirm your movers one last time. Make sure they have the proper sized crew and truck to efficiently complete the move. You also want to know that your utilities are in place to transfer on the day of closing. Most closings take approximately 2 hours but can sometimes take longer. While moving on the same day of closing is not always recommended, if you are moving on the day of closing, please be sure to give yourself enough time to complete the closing before you need to meet your movers.
Here are a few important reminders for closing:
- Bring your photo ID (ideally a driver’s license or passport)
- Bring your checkbook (just in case)
- Bring copies of your earnest money receipts and any wire transfer receipt
The sellers many times are not present at your closing as they have either pre-signed all of the documents or their closing takes place immediately prior to yours. Before you go to closing, we’ll verify the address of the title company with you. Don’t be surprised if closing starts late. Especially if it’s late in the day, their previous closings sometimes run long.
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 are 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). The escrow officer will have most certainly fleshed out details like this before the day of closing.
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. Either I or the escrow 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 escrow officer will give you a check for any overage. 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. Here’s a good article that explains the Closing Disclosure and tips for understanding it.
Last, but not least, you’ll get your keys and can now officially move in! Congratulations, new homeowner!