The most exciting day of your life is almost here, the Closing of Your new Home. A day, or two,before the Closing a final walkthru is scheduled. This is Your chance to make sure that everything has been cleaned out, looks to be in order, and that any repairs, changes, or anything else agreed upon in the Contract Of Sale has been taken care of. Every Contract Of Sale is unique to a specific transaction so make sure you have a clear understanding when signing.
Always check the appliances to make sure they work and make sure the movers haven't caused any damage. Anything that is out of the ordinary can be brought to the attention of the Sellers Agent. Doing the walkthru in advance gives all parties an extra day or two to solve any conflict. If the Walkthru is the day of the Closing then any issues are usually discussed at the closing table. When the issues are discussed at the Closing table Credits to the Buyer are usually issued if the Seller agrees of course.
The Closing usually takes place at the office of the Attorney representing the Bank but is not set in stone. I've had closings in my office, you will know well in advance where it will be held. The parties in attendance are the Buyer, Seller, Real Estate Agents, Title Closer, Bank Attorney, and the Attorneys for Buyer and Seller. The Length of the Closing will vary based on the terms of the deal. An all Cash deal can close in 45 minutes to an hour because there is no Bank involved only a Title Closer. A deal with a Mortgage can take 2-3 hours and sometimes even less. Again every deal is unique so these are estimated figures, but good ones. Once all the Loan documents are signed the Bank Representative will complete a HUD-1 Statement or Settlement Statement and then fax it to the Bank for approval. The Bank wants to see how all the monies have been distributed to make sure everything is the way it should be. During this time the Title closer is getting together all the documents needed to deliver the Deed and wrapping up their end. Once everything is approved and finalized You will get the keys to your new home!
Please Note: The Attorney representing both parties will fully explain every detail to their Client throughout the Closing. This post is just a summary of events and pertains to Westchester County, New York
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