Prepare for your closing

The final contract for sale has been signed by both the buyer(s) and the seller(s), and any contingencies have been met. A title company has been selected to close the purchase, and title is examined and deemed transferable or “clear.”  If it is a funded purchase, the lender must give the “clear to close,” and then your closing is scheduled. 

How should you prepare for your closing? 

  1. You should receive your “closing disclosure” at least 3 days prior to your closing for review.  This official document outlines your exact mortgage payments, escrow, and additional fees you will pay, called closing costs.  If you wish to read through all the closing paperwork in detail (such as your mortgage), it is best to request those documents in advance. 
  2. If you are the buyer, do a final walk-through within 24 hours of the closing.  This allows you to make sure the seller has vacated the premises and ensure that the home is in the condition agreed upon in the contract for sale.   
  3. What is needed for your closing:  You must bring a valid, government-issued photo ID to your closing.  Make sure your ID has not expired.  If you are the buyer and funds are owed, any amount over $2,500 must be issued as a certified cashier’s check.  As the seller receiving funding, either bring wiring instructions or a cancelled check.  Also, the seller should bring any keys to the home. 
  4. Be prepared to sign a lot of paperwork!  A closing generally takes between 30 minutes to an hour.