Step 20: Schedule the Closing Date on Your Calendar

Now that the contract is executed, it is vital that you schedule the closing date on your calendar and make arrangements to take that day off work. Here are some important things to know about your closing date:

• The date can change. While we want the closing date to remain the same, there are many factors that can push it back. This could be a short timeframe for closing (anything 30 days or less) which could cause the mortgage company to need more time, etc. For planning purpose thus far, plan on the closing date to occur on the initial date that is specified.
• Closing will take place at the closing company’s office that is specified in your contract. On average closing takes about 2 hours but if there are any issues it could take a little bit longer. This is why it is vital that you take the day off of work. We can’t request a specific time for your closing to occur, but we can ask for either a morning or afternoon slot.
• The closing location and time will not be scheduled until your mortgage officer gives us the clear to close which means you have been completely approved for the loan without any problems. This typically happens anywhere from a week before closing up to two days before closing. Once this happens then we will know your exact location and start time.
• If you cannot attend the closing in person, you will need to let us and your mortgage lender know right away. This way we can get Power of Attorney paperwork lined up for you so you do not have to attend the closing in person. This needs to be done at least 2 weeks prior to closing since the document will need to be signed and notarized, the mortgage lender will need to look it over and approve it, and the original will need to be held on to by escrow so they can record it at closing. In addition to this, you will also need to write a letter explaining why you cannot attend closing in person. We highly encourage you that you try your utmost to attend the closing in person. Here is where you will learn crucial information like when your first mortgage payment is due and how you will make that payment. They will also go over all closing documents with you and be able to answer any questions that you may have.
• The day before closing you will need to wire transfer your down payment and closing costs to the title company. The wire instructions will come from the escrow company. DO NOT follow wire instructions from anyone else. Prior to writing an offer we will have already went over wire fraud with you and had you sign a form explaining you understand the importance of it. If you need us to go over it again with you we will be happy to. There are many scams out there that target buyers and can look very legitimate. If you are unsure if the instructions you are receiving are valid, we will walk you through the steps you need to take before transferring any money. We will have you wire transfer over a little bit more money than settled on incase there are any last minute changes or the calculations are incorrect. At the end of closing you will be issued a check for the overage amount that you will take with you.
• If you are planning on moving into your new home on the day of closing, plan on moving at least 1-2 hours after closing is completed if possible. Legally you are not supposed to move into the house until the end of closing after the bank funds the close and transfers the funds to the seller.
• After closing you will receive the keys to your new home!

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