The Closing
- Introduction
- Before the Closing
- Home Inspection
- Sample Closing Costs for Items Paid by Buyer
- The Closing Timetable
- Loan Closing Checklist
- Tax Documentation
The Closing Timetable
Five to Ten Business Days Before You Close:
- If you haven't locked in your mortgage interest rate, now is the time to get this done. Call your lender representative or your attorney.
- Call your broker to schedule your pre-closing walk-through inspection of the premises.
Two to Three Business Days Before You Close:
- Call your attorney to review your closing costs, escrow amounts, and the amount of money you'll need to bring to the closing itself.
- Make arrangements to get a certified check or cashier's check for the closing cost figure given to you by your attorney.
At the closing, documents will be signed and exchanged, money will pass to the seller, and title to the property will pass to the buyer. The sellers and their attorney, you and your attorney will meet at a pre-appointed time and place. All documents will be ready and prepared by the attorneys. You will have been notified a day or two before the meeting of how much money to bring with you. By this time the RESPA form has already been prepared, so have your attorney send you a copy so you can review it before the closing.
As you go along, your lawyer will explain what each document is that you are signing, and why. Ask questions. This is an important and costly transaction; don't be shy, it is your money.Share Article:
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Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.