RE/MAX Home Experts
Preparing for Closing
When all the paperwork is in order, the time and place of closing will be agreed upon by all parties.
The Closing (or Settlement)
At closing, all documents finalizing the sale will be signed by all parties and all funds will be disbursed. Most closings take about an hour to complete.
Keys will be delivered to the buyer at the closing, or whenever possession of the property has been agreed upon according to the contract.
The sales contract can specify how long you are willing to wait. The closing date must be realistically based on the time lenders are taking to process loans and get little work and surveys done. A typical waiting period can be any time between 30 and 90 days.
You must usually wait at least as long as it takes the lender to approve the loan. The difference in approval time depends on the type of loan: conventional, goverment-backed FHA/VA or owner-financed.
After the mortgage loan has been approved, a settlement date that is suitable for buyer and seller is agreed. During this loan approval period, the seller should beging making preparations to move.
Getting Ready for Closing
Make your final plans only after a settlement date is set. Settlement customs vary widely about who is expected to bring what items to settlement.
Most legal documents will be sent ahead by the lender or arranged by the Title Company, settlement attorney or escrow agent.
Two forms of ID
neccesary payoffs and tax/utility receipts
Keys for the house, garage doors, utility sheds and garage door electronic openers and code for security systems.
Warranties, instructions, maintenance and operation manuals of mechanical equipment and work recently done. z
(Sometimes these are left at the house).
Original blueprints, and drawings if available.
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