SETTLEMEnt!

It’s closing time!

Closing location has already been chosen when settlement was scheduled. Generally, the parties make every effort to close at a location close to the property being purchased. If your schedule requires that we close in a location away from the property please let us know as soon as possible. A Settlement Notification email showing the date, time and location will be sent out prior to closing.

Once closing is scheduled, we recommend calling to confirm your movers one last time.  Make sure they have the proper sized crew and truck to efficiently complete the move.  If you are moving out of a condo and are not on the first floor, let them know, especially if your building doesn’t have an elevator. Most closings take approximately 2-4 hours but can take longer. While moving on the same day of closing is not recommended, if you are moving on the day of closing please be sure to give yourself enough time to complete the closing before you need to meet your movers.

A few important reminders for closing:

1. Bring your photo ID with you (ideally a driver’s license or passport)

2. Bring a second ID (birth certificate, social security card etc)

3. Bring your checkbook (just in case)

4. Bring copy of wire transfer receipt or bring certified check

Closing takes approximately 2 hours, however, it can be as short as 1.5 hours or up to 4.5 hours if there are problems. On average, expect to be finished in 2 – 2.5 hours. At closing, in addition to you, there will usually be the following people present:

1. The seller’s real estate agent. He or she will look over the documents, sign where needed and be available should any problems arise.

2. The title officer.  The title officer makes sure everything is signed properly, sends all of the signed documents to the underwriter for one last review and issues checks.

3. Your lender.  The lender will sit right next to you and will go over all of the paperwork with you, explain when your first mortgage payment is due and tell you where to send it, etc. If you chose to work with a lender not on the recommendation list then the Title officer will review these items with you as your lender will most likely not be present.

The sellers are present at closing 50% of the time as often they pre-sign all of the documents. Before you go to closing, call or text me to verify the address. Don’t be surprised if closing starts late if it is an afternoon closing.

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

Even if your spouse is not on the loan, most of the time your spouse must sign the mortgage to waive homestead rights (providing certain protections from creditors). Talk to your lender if you are divorced or getting divorced. You may need to bring additional documentation, such as a divorce decree.

During closing, ask your lender how and when the taxes get paid.

 At the very end of the closing, the Title officer will give you a copy of the Closing Disclosure.  Hold on to this! You’ll need it next year when you prepare your taxes.   

At this time I like to whip out the bubbly and cheers to you!

Last, but not least, you’ll get your keys and can now officially move in! Congratulations new homeowner!