Step 21 to Buying a Home: Attend Closing

It’s closing time!

Closing location is determined by the lender. If your schedule requires that we close in a location away from the property please let us know as soon as possible. A closing confirmation email showing the date, time and location will be sent out prior to closing. Closing will not be set until the Buyer’s lender issues a clear to close (CTC) loan approval.

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 30 minutes but can take longer. 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 your checkbook (just in case)
3. Cashiers check in the amount lender has given you written out to closing company (Lender will let you know)

Closing takes approximately 30 minutes. At closing, in addition to you, there will usually be the following people present:

1. The closing attorney.  Your attorney 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. Basically the buyer’s attorney runs the show.
2. Your lender
3. Me
4. You

The sellers are usually not present at closing as they have pre-signed all of the documents. parking garage to save yourself some money. 

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. Your attorney should review this information with you in detail at the closing, but if not, be sure to ask.

At the very end of the closing, you’ll 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 new homeowner!