Closing day is here! Whoo hoo!
We will all meet at our office or the Title Company to sign all the papers which will officially transfer ownership to you, the Buyer.
A few important reminders for closing:
- Bring your photo ID with you (ideally a driver’s license or passport)
- Bring your checkbook (just in case)
- Bring copies of your earnest money receipt and wire transfer receipt for the deposit and closing costs
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.
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. Even if your spouse is not on the deed, for a home, your spouse usually must sign the deed to release homestead rights (providing certain protections from creditors).
During closing make sure you understand how and when the taxes get paid and how to get the exemptions (homeowner and senior citizen) you are entitled to as these exemptions usually save you several hundred dollars per year.
At the very end of the closing, the Title officer will give you an overage check which is essentially a refund of the additional money you transferred over when you sent your down payment and closing cost fees. Remember, we always have you transfer $1500 – $2000 extra just in case there was an error in the numbers. At the very end of closing you’ll get a check back for the extra amount. Please deposit that check within 1 – 2 days. You’ll also receive a copy of the Closing Disclosure. Hold on to this! You’ll need it next year when you prepare your taxes. Last, but not least, you’ll get your keys and can now officially move in!
Congratulations on your new home!