Written by Review Your Closing Disclosure
Prior to your actual closing (must be given to you 3 days prior to your closing date), you’ll receive a Closing Disclosure which will detail the final costs of your loan. As soon as you receive this document, acknowledge receipt so that your closing does not get delayed due to a time error. Your Closing Disclosure might not be exactly the same as the Loan Estimate that you received previously but should be within 10% of the original figures.
- Take the time to check that all the lights (inside and out) , faucets, showers, outlets, furnace, air conditioner,etc. are in working order.
- Make sure the remote(s) for the garage door work.
- Based on the agreement and inspections, were all the repairs agreed to completed?
- Again based on your purchase agreement are all the items that were supposed to be left there and in working order or the condition promised…appliances, window treatments and any items that are not permanent fixtures but were part of the agreement.
- If the seller has already moved out, check for any damages that may have been caused in the process.
If there are any issues that need resolution, you can contact the listing agent and if necessary negotiate a remedy or you can ask to delay the closing until the problems have been resolved.
Bring With You to Closing
The closing agent should let you know what they will need from you at closing but below are some items that are typically required:
- Photo ID: Driver’s license or another valid government issued ID.
- Your down payment and closing costs: Cashier’s check, Bank Check or proof of wire transfer.
- Your Closing Disclosure: This will allow you to compare with the final document.
- The closing agent should let you know what they will need from you at closing but below are some items that are typically required:
Who Will Be at the Closing
Typically all buyers who will be on the mortgage will need to sign documents at the closing. If you cannot attend the physical closing and have an attorney, you can give them power of attorney to sign the documents for you. This can vary state to state so make sure you ASK rather than assume. Sometimes, both seller and buyer will be there but, again, this can vary by state.
A closing agent will facilitate the closing. They’re typcially a neutral third party who will assist you and the seller through the process. If you have an attorney and your buyer does not, your closing might be scheduled at your attorney’s office in lieu of the title company. If you have one, your real estate agent can attend and in fact in some states, they are required to be there. They will know if that’s the case.
It’s always best, just so you feel relaxed and prepared, to find out, in your state, who must be at the closing and who can be at the closing.
This is an exciting event. After all the documents are signed and monies paid, you will receive the keys to your dream home and begin your wonderful new adventure! Congratulations!!
