If you’re a first time homebuyer, chances are you’ve never been to a closing. In simple terms, a closing is the scheduled appointment at the end of the home buying process at which time the ownership of the new home is officially and legally transferred from the seller to the buyer. So what, exactly, happens at these appointments? Let’s go over the details…..
Where does the closing take place?
More times than not, the closing takes place at the escrow or title company you have chosen to use. Occasionally, however, a closing takes place in an attorney’s office.
Does the seller and buyer attend the closing together?
No. Typically, the seller’s appointment is first. After the seller signs all of the necessary documents transferring ownership to the buyer, the buyer then attends closing to sign.
Who attends the closing?
Usually, in attendance, is the escrow or title agent, the real estate agent, and the home seller or buyer.
What should I bring to closing?
Both the seller and the buyer should bring sufficient identification such as a driver’s license. The seller should bring any receipts or payments for repairs or closing costs agreed upon during the signing of the initial contract. The seller should also supply their forwarding address at the time of closing. The buyer should bring certified funds for the down payment and closing costs or any other funds that may be due at the time of closing.
What does the home seller do at closing?
The seller’s part is usually very quick and easy. A few signatures to sign over the title from the seller to the purchaser are usually all that’s needed by the time closing arrives. Hopefully, all that will be left to do is to wait for the buyer’s loan to fund, collect your payment, and be on your way.
What does the home buyer do at closing?
The home buyer’s closing appointment usually takes a little longer, especially if there is a loan to be closed. There will be initials and signatures galore! Each buyer will be given their own pen, and the escrow or title agent will explain each document and show you where to sign. Your certified funds will be collected, your photo identification will be photocopied, and you will be congratulated on owning your new home. As soon as funding has taken place, you’ll be able to take the keys and begin the moving process!
As always, if you’re in the market for a new home, we would love to help! Contact the Scherer Team at 888-300-4431.