Closing Basics

 

WHAT TO BRING TO CLOSING

Driver’s License or ID: You will need to bring your driver’s license (or some form of government-issued ID such as a passport, identification card, etc.). If you’re not a U.S. Citizen then you need a copy of your Visa and/or Green Card as well.

Funds: If money is due at closing then you will need either cash, a cashier’s check, or a wire transfer.

Final Conditions: In rare cases there may be an outstanding underwriting condition that needs to be brought to closing in order for funding to occur. This may include a letter that needs to be signed, an amendment that needs to be initialed, etc. We will let you know if this is applicable to you.

POA Originals: If you are doing a Power of Attorney then you will need to bring the original Power of Attorney to closing (or provide it to the title company in advance).  Also, please note that the absent party MUST be available via phone at the time of closing to provide identification and consent that they still want to proceed with the transaction.

 

BASIC QUESTIONS

How Long Will Closing Take? Closing typically takes 45 minutes; however, we recommend you plan for an hour since the title company will provide you copies of the signed documents before you leave. Some title companies will offer you a paperless medium for your copies: such as a CD, flash drive, email, etc.

Who Needs To Attend Closing? Anyone on the loan needs to attend and sign closing documents. NOTE: if you’re buying a primary homestead property and you’re legally married, then your spouse will also need to attend and sign a few closing documents – even if they are not part of the loan. Because Texas is a community property state a non-purchasing spouse is required to sign certain documents since they have an inherent vested interested in the property.

Where Will The Closing Be & Who Schedules It? Your Realtor may be scheduling the details for closing; however, you’re welcome to reach out to the title company directly to ensure the time and location of closing fits your schedule. You don’t have to close at the title company office listed on the contract. Often times you can close at a “sister” title company OR at a place of your choosing (like your office or home). If you choose to close remotely there may be a fee charged for the mobile notary so be sure to ask the title company. Please let us know the details of closing so we can plan accordingly.

What Time Should Closing Be? We highly recommend closing between 11:00 a.m. and 3:00 p.m. if possible. The late morning closing allows enough time for any last minute questions, time for you to run to the bank, and time for any last minute cosmetic changes to the HUD that may stem from your review. The early afternoon closing allows enough time for the title company to send docs back to our closing department so we can then initiate the transfer of funds to the title company for funding.

When Is It Official? The transaction is officially complete when the loan funds. Our Funding the Loan page will provide more information on the timing and details of funding the loan.

 

NEXT: Visit our Acceptable Funds for Closing page for more information on funds due at closing and title details.

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