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F.A.Q.
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What is closing?
Closing (also known as settlement) is the legal transfer of property ownership. Typically, but not always, possession of the property is transferred at closing. Sometimes the seller may ask to close the sale but retain possession, paying rent to the buyer until vacating the property at a later date.
Who attends closing?
Participants usually include:
– The buyer(s)
– The seller(s)
– The real estate agents representing the buyer(s) and seller(s)
– Attorneys for the buyer(s) and seller(s)
– The closing agent, the title insurance representative, and the escrow agent. Often one person fulfills all three roles, coordinating and recording the exchange of the documents and money, disbursing funds, and handling various closing details
What should be brought to closing?
The day of the closing, make sure you have:
– The closing disclosure to compare to the documents.
– Any questions you might have, written down.
– Your cashier’s check or proof of wire transfer to pay for closing costs.
– Your driver’s license or another acceptable form of photo identification.
– Proof of homeowners insurance.
– Any other documents your bank or lender requires.
– Your co-borrower or the person co-signing your loan, if applicable.
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Where is closing held?
Closings are usually held at a title company’s office. Their job is to confirm the current legal owner of the property, reveal any mortgages, liens, judgments or unpaid taxes on the property, and identify any restrictions that may affect the sale of the property. Any problems must be corrected before the buyer can receive the title.
How long does closing take?
There is no average time, so don’t rush. Make sure you understand everything you’re signing and don’t be afraid to ask questions. It’s okay if it takes some time. Plan on at least two hours – if everything goes smoothly, it could be less, and if something unexpected happens it could take longer. Take a deep breath, take your time and, once you’re done signing all that paperwork, take your keys!
What documents are signed at closing?
You will be signing many different documents on the day of your closing, including:
– Title Transfer: This document transfers the ownership of the property from the previous owners to you.
– Truth-in-Lending Statement: This document details the fine print of your loan, and your lender by law is required to provide you with it at the closing.
– Title Insurance: Title insurance protects you as well as your lender from any issues regarding the title of your property.
– Loan Documents: These documents will finalize the approval of your loan and will give you the necessary financing to purchase it.