Step 28 - Attend closing

Closing Day

It's time for the closing!

The closing location is determined by the Buyer side and efforts are made to close at a location close to the property being purchased. If your schedule requires closing in a location away from the property, please notify us as soon as possible. A closing confirmation email displaying the date, time, and location will be sent out before closing. The closing will be set once the Buyer's lender issues a clear-to-close (CTC) loan approval.

Once the closing is scheduled, we recommend calling to confirm your movers one last time. Ensure that they have the proper crew size and truck to efficiently complete the move. If you are moving out of a condo and are not on the first floor, it's important to inform them, especially if your building does not have an elevator. While moving on the same day of closing is not recommended, if you are moving on the day of closing, please ensure that you have enough time to complete the closing before meeting your movers.

A few important reminders for closing:

• Bring your photo ID (driver's license or passport)
• Bring your checkbook (as a precaution)
• Bring copies of your earnest money receipts and wire transfer receipts for the deposit and closing costs

Closing typically takes about an hour but can vary. In closing, you can expect the following individuals to be present:

• The seller's attorney, who will review and sign documents as needed and be available for any issues.
• The title officer, who ensures proper signing, sends the documents to the underwriter for review and issues any refund checks at the end of closing.
• Your attorney, who will go over all the paperwork with you, explain when your first mortgage payment is due, and guide you on where to send it.

It's important to note that the sellers are usually not present at closing, as they have pre-signed all documents. Before heading to closing, call the Title company to verify the address and inquire about parking.

A note about spouses who are not on the mortgage loan:

Even if your spouse is not on the loan, they may need to sign the mortgage note to waive homestead rights. If you are divorced or getting divorced, additional documentation such as a divorce decree may be required. Additionally, for a home, your spouse usually must sign the deed to release homestead rights.

During closing, ensure you understand how and when the taxes get paid and how to obtain entitled exemptions (homeowner and senior citizen), which can save you several hundred dollars per year. Your attorney should review this information with you in detail at the closing.

At the end of the closing, the Title officer will provide you with an overage check - essentially a refund of the additional money transferred when you sent your down payment and closing cost fees. Remember to deposit this check within 1-2 days. You will also receive a copy of the Closing Disclosure, which you will need for tax preparations next year.

Lastly, you will receive your keys and can officially move in! Congratulations, new homeowner!