What to Expect on Closing Day?
Closing Day: It's a Wrap!
Don’t be nervous. That’s the first and only rule of Closing day. If you made it this far, then it’s extremely likely that you will finish the day in your new house or ecstatic you sold your home. The Closing will usually take place at the title company’s office (or virtually if lender allows) as they will serve two functions. One, they will issue the title insurance and facilitate the Closing with their processor. Here is what to expect on closing day:
- The seller will be present unless he/she pre-signed and the seller’s attorney.
- The buyer will be present and the buyer’s attorney.
- The lender will not be present but they will forward their documents they need signed and the money.
- The buyer will perform a final walk through prior to Closing and inform the seller at Closing if there are any issues. If there are issues, then it will most likely be addressed by issuing a credit at Closing.
- The buyer is responsible for wiring the amount owed prior to the Closing. The buyer’s attorney will inform the buyer of this amount usually two to three days prior to Closing.
- If a lender is involved, then expect to spend approximately one hour at the Closing.
- If a lender is not involved (cash purchase), then expect to spend approximately 30 minutes at the Closing provided the wire arrived in a timely manner. In certain situations, the buyer and seller do not need to attend a Closing if it’s a cash deal and the documents are pre-signed.
Sign here, sign there and finito – you either bought a home or sold your home!
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