Schedule the closing on your calendar

Now that you have a fully-executed contract, it’s important to schedule the closing on your calendar and arrange for a day off from work.

Here are a few things to know about your closing date as specified on your contract:

• It could change. While we hope closing occurs on your closing date, there are many factors that could cause it to be moved around, such as time frame for the mortgage company, appraiser and possible repairs, transaction closings that affect this closing, etc. For planning purposes though, count on your closing date being the final date.
• Closing generally takes place at a title company in Downtown Shawnee. On average, closings take about two hours, but if something unexpected comes up, it could take longer. For this reason, it’s important that you arrange to take the whole day off from work. We can’t always guarantee a specific time, but if you have a time preference, please let us know and we’ll work with the escrow agent to meet it as closely as possible.
• The closing location and exact start time won’t be scheduled until your mortgage officer gives us Clear to Close (CTC), meaning you and the property have been completely approved for the loan without any conditions. This generally occurs 2 days to one week prior to your closing date and is when we’ll be notified of the exact start time.
• It’s best if you attend the closing in person, however, if you can’t be there that day, notify our team and your mortgage lender now. That way the title company can prepare a power of attorney (POA) authorization. This needs to be done a couple weeks in advance of closing as your mortgage loan officer needs to review and approve the POA, you need to have it signed and notarized, and then have the original signed paper copy back to the title company at least one day before closing. I always encourage clients to attend closing as 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 table. I have had clients attend closings via Skype so they hear all the details, but a POA is still required as you won’t physically be there to sign documents.
• The day before to closing you will need to wire transfer your down payment and closing costs to the title company. The wire instructions for this transfer will come from either myself, the title company, or your mortgage loan officer. Do not follow anyone else’s instructions unless it comes from one of the three of us. 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 us. WE WILL ALWAYS CONFIRM THE WIRE INSTRUCTIONS BY PHONE. DO NOT AUTHORIZE WIRING OF FUNDS UNTIL YOU HAVE VERBAL CONFIRMATION.
• 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 it to the seller.
• At the very end of closing, you will receive the keys to your new home!
• We want to bring by pizza and soda, so be sure I know how many people you’ll have helping!

If you have any questions about closing, please let us know by calling/texting 405-585-6580 or emailing Steve@SoldonShawnee.com.