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Closing Day

Closing day for me is May 19th. I have never been through a closing process before but I have heard it can be very long, and involves a lot of signing. There is also a lot of money changing hands on closing day. Sellers can bring in money for closing costs. Buyer can bring in downpayment money, and other closing costs. The lender is also there making sure the funds are getting to the right people. It all sounds like it could get very confusing and complicated. What was your experience with closing day?

Day Closing

First of all congratulations on your house. I know you are excited and most likely ready to get moved in and get it over with.

I want to assure you to fear not. Depending on the title company as to exactly how long this is going to take. From my experience most title companies want to get you in and out quickly as to not tie up their time. There are going to be a few dotted lines that require your signature but not as many as you may be thinking.

If you think too long and hard about it then it will get quite confusing. Trust your allies such as your realtor and finance manager to do most of the work for you. They know what they are doing as they have done this all before. As for the money changing hands all you need to worry about is writing the check for the amount that you must pay for closing, down payment, ect. Most likely you will make one check out in the entire amount to the title company and they will see to it that it all goes to the appropriate places. In most cases the seller, even though they are paying part of the closing cost, will not have to bring any money to closing. Their closing amount is going to be deducted from their check that they are receiving for the sale of the house.

My day of closing...

Everything had already been on the table and discusses such as contracts, finance options, the whole kit. (This is most common.) We arrived at the title company and met with the realtor, sellers, and the man at the title company. They handed out copies of the contract to everyone as well as the finance paperwork to us as the buyers. We were instructed to look over it for any errors or questions. There is not much to this, it is pretty cut and dry. After we confirmed our information was correct we were ask for a check for what we were entitled to pay at closing. They wrote us a receipt for it which was just simply you paid XXXX.XX. The realtor had the final draft of all of the title details which she had already handed us a copy of to look over. She instructed each of us where our signatures were required (I think it was 4 or 5 places and 2 or so for the sellers.). After we signed the paperwork they passed all of the keys across the table to us and wished us luck. We stood around speaking with the realtor and the sellers for just a few minutes and then went to start cleaning on our new house. It could not have been any easier. My realtor had really put together everything in advance and made this an overly simple process. I suspect this is fairly common as the realtor does not want to spend their entire day sitting their closing either.