It’s closing time!
Closing takes place at the Title company involved in the transaction. Generally, you'll have your choice of locations and can choose the one that's most convenient to you. 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. 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 1-2 hours but can take longer. While moving on the same day of closing is not 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.
A few important reminders for closing:
- Bring your photo ID with you (ideally a driver’s license or passport)
- Bring your checkbook (just in case)
- Bring copies of your earnest money receipts and wire transfer receipt for the deposit and closing costs
At closing, in addition to you, there will usually be the following people present:
- The title officer. The title officer will sit right next to you and will go over all of the paperwork with you, explain where to sign, tell you when your first mortgage payment is due and where to send it, etc. Basically the title officer runs the show. Their job is make sure everything is signed properly and then they send all of the signed documents to the underwriter for one last review. At the very end they'll issue any refund checks owed to you before you get the keys and can head back to your new home!
- The buyer’s realtor. We are there mainly for moral support and to say congratulations at the end, but will also assist with any questions that come up.
The sellers are usually not present at closing as they have pre-signed all of the documents. Before you go to closing, call the Title company to verify the address. If you’re driving, also ask if the Title company validates parking in a particular parking garage to save yourself some money.
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.
At the very end of the closing, the Title officer will give you an overage check which is essentially a refund of the additional money you transferred over when you sent your down payment and closing cost fees. Please deposit that check within 1 – 2 days. 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! Congratulations new homeowner!
