What To Bring To Closing
Closing day has finally arrived! It is natural to be a bit nervous, but closing is a very routine process and need not be stressful, but there are a few important items to remember. The closing should take approximately one hour to complete. During the busy end of the month, delays are possible.
The lender will notify the Buyer approximately how much money is needed to bring to closing in order to complete the sale. This money must be in the form of a cashier's check made payable to the closing agent or attorney's office. The closing agent will accept a personal check for any shortfall or issue a refund if you bring too much.
The Buyer must bring a new homeowner's insurance policy to the closing. Your insurance agent will provide with a copy to keep and one to give to the closing attorney. A paid invoice for the policy must be provided or the insurance agent can send the policies directly to the closing attorney and he can collect payment for the policy on the closing statement.
The closing agent represents the Title Insurance Company issuing the warranty of clear title to the property in the transaction, not the Seller or the Buyer. The Seller and the Buyer may be represented by an attorney should they each choose. I recommend your own attorney if the transaction is a complex one.
It will be necessary for the Buyer to sign numerous forms relating to the new loan. All of these forms are standard forms used by your lender and each one must be signed. The closing agent will explain the purpose of each form and answer any questions. The Seller will only have a few forms to sign. At the end of the closing, checks will be disbursed and title to the property passes to the Buyer. The Buyer may move into his new home on the possession date agreed upon in the Purchase and Sale Agreement.
