You should bring two forms of identification, including at least one valid government-issued ID such as a passport or a driver’s license. Additionally, if you are planning on having proceeds wired to your account, you should also being a copy of your bank’s wiring instructions or a voided check.
The closing ceremony, when all of the transfer and loan documents are signed, typically lasts around half an hour to forty-five minutes. Closings rarely exceed an hour. Depending upon the number of documents that need to be signed, and the detail with which the parties wish to review them, the closing may take longer.
Occasionally there may be a problem that must be addressed at the last minute, which might further prolong closing, but this rarely happens.
A good guide is to arrive for closing ten to fifteen minutes early and expect the closing to take around half an hour to forty-five minutes.
As the seller of the property, you’ll only have to sign a few documents. In most cases, you’ll have to sign the settlement statement, the deed, several tax forms, and a property owner’s affidavit.
After the closing, you will receive copies of all the papers you’ve signed. For your convenience, we offer copies on paper and on CD.
There are a number of reasons why the payoff balance may be higher than the amount shown on your monthly statement.
The most-common reason is that your monthly statement does not show the amount of daily interest accruing on your mortgage. Many times, this additional interest accounts for the difference between the final payoff and the statement balance. There are, however, other factors that can affect your payoff: there may be a shortage in an escrow account, there may be owed late fees or other lender charges, or there may be a prepayment penalty associated with your mortgage.
We always obtain a written payoff statement from your mortgage company, and will happily give you a copy if you want one.
Checks are written after closing as soon as we have collected funds in our trust account and the lender’s authorization to disburse. Ordinarily this happens shortly after closing, but sometimes may take several hours; and closings that occur late in the afternoon may not fund until the next morning.
We encourage you to bring a copy of your wiring instructions to closing, and we will happily wire your proceeds to you as soon as possible. We do not charge for wires.
For more information, please feel free to request a copy of our funding and good funds notices.