Schedule the Closing Date on Your Calendar
We have an executed contract and, although there is still a lot to be completed during the next few weeks, it is a good idea to schedule the closing date on your calendar.
Below are some key points to keep in mind with regard to your closing date as we move forward:
- The actual date could change. While we strive for the date noted in the contract, there are many factors that could result in the date getting pushed back. We will get an indication of this probability as things progress, but for now, work toward the date at hand.
- You will sign all your closing documents in person at the title office. Please be sure to bring valid photo identification such as a driver’s license or passport. This process can take about two hours and will occur a few days prior to closing once we receive the “Clear to Close” from your lender. “Clear to Close“ means your loan has been fully approved without any conditions. Once we receive this notification, we will schedule your sign off, doing our best to work around your schedule. Dawn will attend the sign off as well if her schedule allows.
- We encourage you to attend your sign off in person at the title office, especially if this is your first home purchase. It is the best way to fully understand the closing documents, when your first mortgage payment is due, and how you’ll submit payment – among other things.
- If you are unable to attend the closing in person, let us know as far in advance as possible. If this is the case, we will need to have a limited Power of Attorney (POA) drawn up. This document allows you to skip the closing and have another person sign on your behalf. The POA normally has a termination date and/or is drawn up for a specific property transaction. The document needs to be sent to your mortgage lender for approval, and you will need to sign as well as have it notarized. The final version will be sent to the County Recorder’s office along with the other transactional documents for the home you are purchasing. If you need a referral to a great attorney who can draw up a POA on your behalf, let Dawn know.
- The day prior to closing, you will wire the balance of your down payment and closing costs to the title company. Just as with the wire instructions for your Earnest Money Deposit, these instructions will come from the title company, or a member of The Dawn Thomas Team will forward on their behalf. To avoid wire fraud, do not follow any wiring instructions from anyone you do not know. If you are concerned or wish to verify that the instructions are valid, please contact Dawn directly. You will be asked to transfer more money than is necessary to be safe as sometimes the final amount can vary slightly. Any remaining balance will be refunded to you via a check once escrow is closed.
- We cannot anticipate the exact time of closing. Closing can occur at any time on the specified date but we will not be able to tell you in advance what time that will be. Although you may already have the keys, you legally can’t move in or in any way access the property until we receive notification from the title company that the funds have been transferred to the sellers and closing is official.
Armed with information about the closing process, let’s talk about how to get the most from attending your property and other inspections.