Nuts And bolts of signing and closing
After your appraisal is in, there are only a couple more steps until closing. Here are the nuts and bolts of signing and closing.
FINAL WALK THROUGH
It's good to do a final walk through the week before closing, preferably before you sign your closing documents. At the walk through, we just make sure that there haven’t been any major changes to the property since the last time you saw it. The property will not likely be in its final condition since the sellers may still be moving out, but it’s good to check for any major issues.
Signing your loan and sale paperwork is one of the last steps before closing. You will sign at your escrow company 1-2 business days before your closing date. The escrow officer will lead you through your paperwork and we will be there to help answer any questions you might have. Your mortgage broker may also choose to attend the signing.
Signing usually takes about an hour and needs to occur during business hours, so be aware that you may need to take time off work in order to sign.
You will need to bring in your CASH TO CLOSE at the time you sign. This is the remaining part of your down payment and your closing and escrow costs. The payment will need to be in the form of a cashier’s check from your bank or a wire to the escrow company. You will receive an estimated settlement statement with the amount you need to bring in once the escrow company has your loan documents and can work up the numbers. The only other thing that you should need to bring to closing is a photo ID and one additional ID like a credit card.
Closing day is easy! There’s nothing to do except wait for the phone call that the lender has funded the transaction and the escrow company has recorded your deed. Once those two steps have been completed, the property is yours!
Most of the time you get possession the same day as closing. The time of possession is established in the sale agreement and is usually at 5pm. At the established time we can meet you at the house to deliver your keys and make sure that everything in the house is in order. If a rent back has been arranged, then you might not get possession of the house until days or weeks after closing. If this is the case, we will wait until the rent back period has ended then meet at the house to deliver keys.