Are You Prepared to Close? - What to Bring to the Closing Table
Are You Prepared to Close? - What to Bring to the Closing Table
Congratulations!! You're about to purchase a home. You've successfully negotiated the offer, completed inspections and appraisals, you have your mortgage commitment and you're cleared to close.
The closing is cheduled and you need to come prepared. Here's a great list by Toni Weidman for both buyers and sellers of what you need to do in preperation for the closing and what to bring with you to the closing table.
The sellers and buyers always ask (after the inspections, and appraisals are done): What do I need to bring to closing?
The Sellers want to know if they need to bring their deed, title policy, insurance policy?
1. Bring some form of photo i.d. (license works) for notarizing.
2. Don’t bother bringing your deed-a new one is issued to the buyer.
3. Bring any trust agreements-must be originals because they have to beecorded with the deed.
4. It’s not necessary to bring the title insurance policy since a new one is issued.
5. If you have any appliance manuals, etc. please bring those for the buyers.
6. Bring keys, garage door openers, any thing that provides access to the property.7. After the closing, you will need to call your insurance company and cancel your insurance on the home. Do not do this prior to closing.
What do the buyers bring?
1. Bring some form of photo i.d.2. Bring your game arm for signing if you are getting a loan-lots of paperwork.And be sure to bring whatever documents your lender may have asked for.
3. Usually, the earnest money deposit is at the Title Company or your agent’soffice, and they will bring it.4. Your new home (and flood insurance, if you need it) insurance binder. Your insurance company can fax or email it to the title company or you can bring it with you.5. ***These days, the cash that you need to bring to closing (your down payment) is usually wired-in the day previous to closing.This is an important change from the days of bringing a cashiers or bank check.Title companies have been badly burned in the past few years by counterfeit bank checks, and will no longer accept them at closing. Wiring the funds directly to the Title company account will guarantee funding of the closing: without funding-we can only do what is termed a dry closing: All papers are signed but no money is disbursed. And, usually no keys or possession of the home happens until the funds are disbursed.And be sure to bring whatever documents your lender may have asked for.
Also, bring a healthy dose of patience and your sense of humor. Closings can take 2-3 hours these days if there is a loan involved.
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