Walk me through closing!

We are closing next Wednesday.

What do I expect, other signing lots of papers? Who gets tipped? What other "fees" were associated with closing?

Re: Walk me through closing!

You are the buyer, correct?

So your lawyer will definitely go over everything with you beforehand, including what checks to bring. You will need to bring a certified check with the balance of your down payment and closing costs, and then personal checks for some incidentals.

The personal checks will be for incidentals. Most everything is covered by "closing costs" (fees associated with your loan, prepayment of interest, taxes). But you will pay your attorney separately, whatever the agreed upon fee was. No one really gets "tipped," but you will pay an attendance fee for the title closer (usually it's somewhere in the range of $150-$250, but your attorney will tell you what to do). The attorneys usually work out the final adjustments at the table (there are usually credits going back and forth -- usually the seller gives you a $500 credit for what is called the property condition disclosure form [the credit is in lieu of the form], you may owe the seller for a portion of taxes they've paid, you may owe the seller for oil left in the oil tank). A lot of this is worked out ahead of time, but sometimes you need to write a check for a small amount in the end.

Your lawyer will also tell you what exactly to bring, but aside from checks, you will definitely need photo id (driver's license), and usually the info re: your homeowners' insurance.

The closing itself just involves sitting around a conference table with your lawyer, the seller (unless they give their attorney "power of attorney" because they can't be there in person) and the seller's attorney, your lender's attorney, and the title company representative. The real estate agents also usually come for all or part of the closing. You sign a bunch of documents and then you get the keys and everyone congratulates you. It usually takes 1.5 to 2 hours on average.

Don't forget to talk to your agent about scheduling the final walk through. It's usually good to do it the day of the closing (as close to the closing as possible). Also talk to your agent about how the utilities will be transferred, and who you need to call to set them up.

Good luck!

Re: Walk me through closing!

Thank you! This is very helpful!

Re: Walk me through closing!

Get ready to sign a lot of things! And bring extra personal checks - last minute things happen. Goodluck and congrats!

Re: Walk me through closing!

you will be signing your name about 80 times..but once those keys are in your hang, you will feel amazing!

good luck and CONGRATS!!

Walk me through closing!

sign
sign
sign
sign
sign
offer your first born
sign
sign
sign
sign
curse the carpal tunnel
sign
sign
sign
realize you just made the biggest purchase of your life and panic
sign
sign
sign
drinkdrinkdrinkdrinkdrink
have sex in your new living room with no furniture
realize you can't afford new furniture for awhile
fast forward 3 years and realize you should have bought bigger/bought elsewhere/paid less/waited/should have kept renting

I'm only (sort of) kidding

but I wish you a smooth closing and congrats!!

Message edited 3/21/2013 8:34:31 PM.

Re: Walk me through closing!

Posted by EatingMyVeggies

sign
sign
sign
sign
sign
offer your first born
sign
sign
sign
sign
curse the carpal tunnel
sign
sign
sign
realize you just made the biggest purchase of your life and panic
sign
sign
sign
drinkdrinkdrinkdrinkdrink
have sex in your new living room with no furniture
realize you can't afford new furniture for awhile
fast forward 3 years and realize you should have bought bigger/bought elsewhere/paid less/waited/should have kept renting

I'm only (sort of) kidding

but I wish you a smooth closing and congrats!!

Re: Walk me through closing!

We just closed two months ago and I was a nervous wreck. Bring both of your drivers licenses they ask for them. Bring a pen that you wanna keep (i am a sentimental dork.) They will sit you in room with a ton of people bustling all over and then they will make you sign seriously STACKS of crap. You won't even know what you are signing. If you attorney is good they will tell you exactly what you will need to bring to closing as all the little incidentals should be hammered out before closing. But bring two or three personal checks just in case. Also bring a tote bag or something so that you can carry the mountains of paperwork home without it flying all over the back seat. Ask about the STAR program for taxes and also ask if the homeowner switched all thier account with the utilitiy companies off that day. Also call the utilitiy company and set up your accounts with them that morning. Call the cable people like a week ahead of the closing because they are usualy a few weeks out on installation appointments. That day you will go throug a walk through of the home. Seriously, flush every toilet, turn every faucet and check all of your appliances. We didnt and we were in for a surpise. The house should be clear of clutter and broom swept. Not immaculate but when I bought mine it was FILTHY!!! I had to pay a cleaning team to come in. If you need the number of one FM and I can give you thiers! They were awesome and inexpensive. Once the whirlwind is over go out to dinner and tell everyone you meet LOL!! Its exciting!! Oh and kiss your weekends goodbye!!! GOOD LUCK And Congrats!!

Re: Walk me through closing!

Your attorney is going to give you a list of bank checks you are going to need - exact amounts and who to make them out to. I got the email with this info the evening before closing day. In addition to the bank checks you'll need personal checks for the attorney and the title closer - they will tell you the amounts ahead of time for this as well. Everything was worked out ahead of time, so it went pretty smoothly, but there were still last minute checks cut from both sides, so bring your check book just in case.

Make sure you bring two forms of ID to the closing. I needed it.

Then you're just going to sign your name a billion times. Your attorney will be sitting next to you explaining basically what each thing is that you sign - you will not remember any of this.

Like a PP said, it is an amazing feeling to be handed the keys!! It was one of the most exciting days for us. Congrats and GL!!

Re: Walk me through closing!

We asked to see the HUD about 2 days before we closed to get an itemized list of what was due to/from whom.

Our seller payed 5,000 of our closing costs and prepaids so we were actually owed money. But it was all laid out in that doc.

Re: Walk me through closing!

The lawyer will tell you. Don't forget the whiskey and Advil for after you sign. Congrats