What to Expect At Closing
So as a buyer, I'm sure you know that the day you close is the day you get the keys. Here's what else happens so you know what to expect. For both buyers and sellers. Whether you are closing at the title company or at a local lender's office, the procedure is the same.
Buyers, sellers, and both realtors arrive at the scheduled time, check in with the desk person, and wait in the lobby. The buyers go into a separate room first with just the lender and/or title agent. The sellers and both realtors will wait in the lobby. As the buyer, you may have your lender there or you may not; especially if the lender is from an out of area company. If the lender is not present, the title agent will cover the lending information as well. Buyer will again be going over the terms of the loan with the lender and signing to make these documents official. Along with signing the closing documents from the title company.
Once the buyers have their part taken care of, the sellers and the realtors join everyone in the room. It's just a few documents for the sellers to verify and sign. The title agent will then leave the room to go make copies for all parties. This is usually when the buyer is officially given the keys :) It's also a good time for the buyer to ask any additional questions they might have from the seller (i.e. There was a light switch that we found that we couldn't figure out what it turned on/off. What is it connected to?). The title agent will come back in with copies and.......you're done! Congratulations! You just sold or just bought a house! Usually the entire closing won't take anymore than an hour to complete.
A couple other things to know. 1) Whether you are the buyer or the seller, make sure you have your photo I.D. with you. The title agent has to verify it's you that is closing. 2) Sometimes the seller will do what is called a "pre-sign" and have their documents signed before the scheduled closing date. If the seller no longer lives in the area, they must do a pre-sign to have their documents returned in time for the buyer portion. Then the day of the closing, it is just the buyer in the room signing. 3) If your realtor is not there, it's ok. They should have told you ahead of time they would not be able to attend. There isn't anything required of the realtor the day of closing, we are there to see the sale through to the end. (Personally, I love to be there for my client at closing.)
There it is, what to expect from the arrival to the end at your closing. No need to feel nervous.....you're in good hands and we have you covered.