Step 20 – It’s Closing Time

As it’s been described in past sections, the closing will be scheduled by us in conjunction with the settlement company. This is the point you’ve been waiting for. You will get the last confirmation email to show you the final location, date and time for the closing.

When you’ve got your final closing time and date schedule, confirm your movers one last time. This is a good chance to make sure they’ve scheduled the right size moving crew, and truck to move you and your family efficiently. Make sure to let them know details that may affect the move, such as multiple flights of stairs, or if you’re moving into a condo and they may need special parking instructions.

Most closings take about an hour, use this estimate to properly schedule your movers.

Reminders for Closing:

1. You’ll need photo ID, Drivers License, and Passport are good options.
2. Bring your checkbook, just in case there were any last-minute adjustments made.
3. Bring copies of your wire transfer confirmation from the bank.

On rare occasions, closing can take up to 3 hours. In addition to yourself, the following people usually attend the closing:

1. The title attorney: to go over all the paperwork, explain details about your first mortgage payment, and subsequent payments, including where and when to send it. They’ll also ensure everything is properly signed, and issue any refund checks after the loan is funded.
2. Your Realtor

It is critically important to understand what your title attorney is telling you, if at any point you have any questions, no matter how small, ask them. This is a huge investment, and it wouldn’t do you any favors to miss a major detail.

During the closing, ask about the taxes, and when they’re due, and how to get the expectations you’re entitled to. This extra consideration can save you several hundreds of dollars a year.

It will seem like they’re handing you a mountain of paperwork. Keep all copies, but especially the HUD statement, or Settlement Statement. This will be an important piece of documentation that you’ll need when you prepare your taxes.

When all is said, and done, you’ll receive your keys, and you’re set to move!

Congratulations!

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