there. The preparations have been completed - now it's time to finalize
Check with your attorney or escrow agent a day or two before the closing
date to confirm that everything is on schedule. Remind the attorney
or agent to complete the closing statements and other documentation
in advance - this may seem obvious, but closings often become protracted
affairs because the professionals are unprepared.
You will need to bring a certified check to cover the down payment
(less funds already on deposit) and closing costs. Check with your attorney
or review the documents to get an estimate of the total amount required.
It's also a good idea to bring your checkbook as well - small last minute
costs (filing fees or photocopying charges) can often be paid with a
Your Paperwork Available
Bring all of your documentation to the closing in case you need
something at the last minute. Your closing file should include the contract,
inspection reports, and copies of all correspondence relating to the
the Closing Documents
Review the closing statement (HUD-1) and other documents beforehand
so you understand the purpose of each.
You will probably execute your note and mortgage just before the closing
of title. The lender should have provided a check to be released subject
to the execution of the documents, the confirmation of clear title,
and the satisfaction of any other conditions.
With Any Problems
Closings frequently proceed without a hitch, but problems are not uncommon.
Don't panic if the closing hits a snag - most issues can be resolved
by simple means, such as escrowing funds to cover a contingency or unfinished
repair. Even if the closing has to be postponed, don't overreact - chances
are the matter can be resolved in a few days.
At this point the parties should execute the closing statements and
the seller should sign over the deed. The deed must be filed with the
local recording agency - your attorney or escrow agent should handle
this but it's a good idea to confirm that this was done. Congratulations,
you've just bought a home!
the Keys and Other Items from the Seller
In addition to the keys, the seller should bring (or leave in the house)
any relevant paperwork - service records, warranties, instructions,
etc. If these are not provided, request that they be forwarded
as soon as possible.
to this page since March 30, 2004