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Buyers

Found the perfect home. Signed the contract. Now What?

Knowing what to expect and clear communication is key to a successful closing. The first step for the buyer is to secure financing if it is required. This means submit your application and all of the requested financial information to the bank as quickly as you can. You should receive your loan estimate, which estimates your actual closing costs, within three days of submitting your application. While your loan is being reviewed, the bank will need to contact the title company, the appraiser and the survey company if a survey is required. Sometimes the bank does not make immediate contact and it is important for you to follow up to make sure this is done so it doesn’t hold up your closing. It can take upwards of 3 weeks to get an appraisal in some instances. It can take 2 weeks to get a survey. It generally takes a week to get the title commitment to find out if there are any title problems associated with the property. At this point, the title company will work to clear up all the title problems that can be resolved. About a week prior to the closing date, your title agent should contact you to set up the closing place and time. If this is going to be a mail-out closing, make sure you let them know this. Three days prior to your scheduled closing date you will receive the Closing Disclosure from your bank. The Closing Disclosure provides the final loan terms and closing cost details; carefully review this document to be sure the details are correct. If something looks different than expected from the initial Loan Estimate, you should contact your lender. When the closing agent is satisfied that everything is in order and all the instructions are prepared and distributed, it’s time for the closing.

What to bring to closing?

Payment. Certified or cashier’s check is acceptable at the closing. However, if you are planning on wiring funds that will need to be done the day before. Do not bring personal checks or cash.
Proof of insurance. Your lender requires you to buy a homeowner’s, also called hazard, insurance policy. You will need to bring proof that you have the insurance in effect on closing day and a receipt showing you’ve paid the policy for a year.
Photo ID. The escrow agent needs to confirm who you say you are. A driver’s license or current passport will do.
Contract. Bring the sales contract in case you need to check a detail against closing costs or mortgage terms.

Sellers

House listed for sale. Contract Signed. Now What?

Closing day is important for you as a home seller. You will transfer the property to the buyer, pay off any mortgages, and receive any residual sales proceeds. But, do you need to do anything prior to closing? The answer is certainly yes! First, if you have an existing title policy you need to make sure you get a copy to the closing agent listed in the contract quickly. Most everything needed to close will be handled by the title company. You, however, will need to maintain the house in good condition and negotiate and perhaps repair something the buyer’s inspector reports. As the closing date approaches, you will need to notify your utility companies of the final date of service and ensure you will be completely moved out of the property by closing.

What to bring to closing?

Copies of all of the keys to the house
Garage door openers
Codes for keyless entry to the house or alarm system
Certified or cashier’s check made payable to the title or closing company, if these costs are not being deducted from the sales price
Each seller needs a government issued photo I.D., such as a driver’s license

Unlike the buyer, who may have to attend closing to sign original loan documents, you as the seller may be able to pre-sign the deed and other transfer and closing documents. The title company can hold these documents until closing is finalized.

Buyers

Sellers

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