You’ve completed volumes of paperwork, answered a million questions, and learned a whole new vocabulary – so how do you finally get to the big prize: Closing Day?
Depending on the complexity of your transaction, you may spend what feels like extended periods without hearing from anyone. This usually occurs when things are going well, and your assistance is not required for extraordinary action items. Lenders, transaction coordinators, and title companies continue to collaborate with the escrow office as all of the puzzle pieces are gathered and assembled. In any event, you need not be concerned. Continue to enjoy the hours which remain for packing, planning, and coordinating with service providers. Any quiet period you may experience will not last.
As the closing date draws near…
…Buyers and Sellers should expect to be called upon once again to actively participate. In the final stages of the transaction, each of the parties will have additional duties. Regardless of the terms of the Agreement, the Escrow Holder almost always creates a final, wrap-up amendment for signatures, and you will certainly be asked to acknowledge the content of an estimated closing statement that contains all of the cost information gathered throughout the process. Plan to complete any pending paperwork not later than one week prior to your target closing date, and allow time in your busy schedule for one last round of signatures.
Buyers who are obtaining new financing…
… Can expect a comprehensive final signing appointment in the presence of a Notary Public. Current government identification such as a Driver’s License or Passport must be presented to the Notary Public. Take the time to check yours in advance to ensure that your name appears exactly the same as your transaction documentation. This issue can create serious delay in the most critical stage of your purchase.
The loan document signing will take about an hour…
…And there is a significant advantage to having all borrowers attend the same appointment. The appointment can be managed at the escrow office or another location, whichever best suits your needs. You will be furnished with specific information regarding when and how to deposit your final closing funds at or just prior to the signing appointment.
The final step!
When all documents have been reviewed, the closing deposit is in, and all conditions have been checked off of lists, the new lender will disburse loan proceeds to the title company, and the Escrow Holder will authorize the recording of the Grant Deed and accompanying documents. The delivery of keys and possession of the property is then managed by the realtors according to the terms of the Agreement. Distribution of sale proceeds and other payments is dependent upon the delivery of surplus funds in the account of the title company, and disbursement will typically occur on the next business day after the recording. We welcome you to contact your Case escrow officer if you have any lingering questions about what to expect at closing.