Step 30: Attend Closing
Hooray it’s closing time!
Like mentioned before, the closing location will be determined by the title company that the seller has chosen. Usually the parties make it at a location near the property being purchased for convenience. If you require that closing take place at a different location then please let us know as soon as possible. You will receive confirmation via email about the date, time, and location of closing prior to closing. This will be sent out after your lender has given the clear to close.
Now that closing has been scheduled, this would be a good time to confirm with your movers about what time they should arrive at your new home if you chose to go that route with a moving company. Make sure they have all the proper sized vehicles and supplies that you will need to complete your move. If you are moving out of a condo not on the first floor and there is no elevator, communicate with the movers so they can make the proper arrangements. Closing takes about two hours but can be a little longer on some occasions. Even though moving on the same day as closing is not recommended, if you do decide to do that, make sure you are giving yourself enough time to complete the closing before having to rush off and meet movers.
A few important reminders about closing:
- Bring your photo ID with you (driver’s licence or passport)
- Bring your checkbook (just in case you may need it)
- Bring all copies of earnest money receipts and wire transfer receipts for down payment and closing costs.
Closing is usually about 2 hours but given the situation it could be about an hour or so more if any issues arise. In addition to you being at closing the title officer will be there. The title officer makes sure everything ensures all documents are signed properly and completely, and then sends all the documents off to the underwriter for final review. The title officer will also being the one issuing any refund checks at the end of closing.
The sellers are not usually present at closing since they have already pre-signed documents. Call the title company one more time before closing to verify the address. It is important to be at closing on time since we do not want the process to be delayed any more than it has to be if any problems arise.
When you are at closing, be sure you fully understand when and how your taxes need to be paid on your new home. Ask about exemptions (homeowner and senior citizen) that you can be eligible for on your taxes. They will save you hundreds of dollars during the year.
At the end of closing, the title officer will give you an overage check for the amount that was not used for closing (essentially the extra amount you transferred over with your down payment and closing cost fees). Escrow will always have buyers transfer a little extra money over incase there was an error in the numbers. Deposit the overage check you receive at the end of closing as soon as possible within the next 1-2 days. You will also receive a copy of the closing disclosure. Hold onto it!! You will need it for your taxes the following year.
Finally, after closing is complete you get your keys to your new home and now you can officially move in! Congratulations you are now a new homeowner!