Mark Closing on the Calendar

Now that you have an executed contract, it’s important to schedule the closing on your calendar and arrange to take time off from work.

Here are a few things to know about your closing date as specified on your executed contract:

• It could change. While we hope closing occurs on your closing date, there are many factors which could cause it to be pushed back, such as a tight time frame for closing (anything 30 days or less) causing the mortgage company to need more time, etc. However, for planning purposes right now, count on your closing date being the final date.
• Closing generally takes place at a title company. On average closing takes about an hour. If you have a time preference, please let us know.
• The closing location and exact start time won’t be scheduled until your mortgage officer gives us Clear to Close, meaning you’ve been completely approved for the loan without any conditions. This generally occurs 2 days to one week prior to your closing date and is when we’ll be notified of the exact location and start time.
• It’s best if you attend the closing in person, however, if you can’t be there that day, notify our team now. That way your attorney can create a Power of Attorney (POA) so you can skip the closing. This needs to be done at least two weeks in advance of closing as your mortgage officer needs to review and approve the POA, you need to have it signed and notarized and get the original signed paper copy back to the attorney at least one day before closing. In addition, you’ll need to write a letter explaining why you can’t attend the closing. We always encourage clients to attend closing as it’s important you understand the closing documents, when your first mortgage payment is due, how you make your first mortgage payment, etc. All of that will be explained at the closing.
• The day prior to closing you will need to wire transfer your down payment and closing costs to the title company. The wire instructions for this transfer will come from either myself, your attorney or your mortgage officer. Do not follow anyone else’s instructions unless it comes from one of the three of us. There are many scams out there targeted at buyers where scammers will email you fake wire transfer instructions in an attempt to steal your money. Therefore, it is imperative that you only follow instructions sent from the Title Company's email address.
• If we sign everything before noon then the funds are typically transferred to the sellers that afternoon and recorded at the county. Depending on possession time that was agreed upon in the contract, you'll get your keys upon recording or at a specified time after.