Wednesday, July 8, 2015
Our New Home: The Closing Process
We closed on our home June 8th. Since it was our first home-buying experience we weren't exactly sure what to expect when we went to closing. I'm not a professional closing agent...so don't take my word as gold...these are just based on my one experience. :)
Buyers, Sellers, Agents and the closing attorney person. So, it was M and I and our realtor, the seller and her realtor and the attorney. Sometimes a mortgage loan officer is present as well.
Our closing was at a local attorney's office. The closing appointment (day/time) was coordinated by our loan officer and her team.
Usually during normal business or office hours. Yes, I took the entire day off work. But the sellers only took a few hours and went back to work. It's your preference.
Basically, you present proof that you are who you say you are (driver's license) and then they take you into a room where everyone sits and makes small talk while the attorney and notary (unless they are the same person) brings in piles and piles of paperwork. Then you get started.
The closing attorney (or delegate) walks you through everything you sign and explains what you are signing and then you sign. Some forms just you sign, some just the seller signs and some are signed by all parties including the realtors.
Once you have signed everything, they give you some copies of papers for you to keep and you exchange any closing monies. We brought some money to closing for our down payment, but we used the attorney's wire instructions to wire them the money the day before. This is a lot easier (to me) than worrying about getting a certified check and waiting on them to cash it. We ended up getting some money back from closing so after we signed everything we waited in the room for our difference check and took a bunch of selfies with our new house key. (don't judge me) We got our check, house keys and then left. The entire process took less than 90 minutes.
THINGS TO CONSIDER
My husband isn't named on the home loan so we didn't think he needed to be at closing. He came really just for moral support...however, it was good that he came because he needed to sign some documents. I think for the title. Or something. If you're married and your spouse isn't listed on the loan they still may need to be present during closing. Check with the attorney or your mortgage loan officer if you have questions.
As I mentioned before, if you have the option of doing a wire transfer, I would do it. It's much easier and the bank will provide you with the paperwork you need to document it. We transferred our money to the attorney the day before (business day) and had no issues. You can't bring a personal check to closing so it must be certified funds or wire transfer.
We had a really positive experience at closing with no hiccups. (I've heard horror stories!) The whole house buying process had its stressful moments but was pretty easy and smooth overall.