WHAT TO EXPECT AT CLOSING
Plan on your closing lasting approximately one to two hours. The following parties will be present at the Closing Table - Buyers, Sellers, Realtors, and the Closing Attorney. Occasionally, the Loan Officer will attend Closing.
The Buyer will review and sign all loan documents with the Closing Attorney. While all documents are important, the Closing Attorney will explain in great detail the Closing Disclosure, the Note, the Security Deed, and the First Payment Letter.
This is also the time to ask the Seller any questions about the property that have not already been answered. The Seller also will provide the Buyer with keys and garage door openers to your new home.
The Seller will also have a few documents to sign, but not nearly as many as the Buyer. The Closing Attorney will have the Seller sign the Warranty Deed - the document that transfers the property from the Seller to the Buyer. The Closing Attorney will also review the Closing Disclosure with the Seller to make sure that the Seller understands the credits, debits, and prorations associated with the sale of the property.
After all documents are signed, certain documents must be submitted to the Buyer's Lender for Funding Approval. This typically takes about 15-20 minutes, at max. The Lender double checks the documents to make sure they are properly executed. Once the Funding Approval is issued, we toast and take pictures to commemorate the day!
The Buyer and Seller will receive copies of the documents they signed. The copies should be retained for their records.
It’s important to remember that on closing day you’ll need:
A valid government-issued ID
All Buyers who will be on the title must be present
All Sellers who are currently on title must to be present