We’re getting close to the end. You didn’t think it was so complicated, did you?
Now let’s discuss the scheduling of the closing. We already have the mortgage commitment, and we have received the title work. Hopefully the closing date will be the date on the contract, but not always. The attorneys need to schedule a date and time that they can both work with, the bank needs to get the proper paperwork sent out, and if either the buyer or seller needs to coordinate the closing with another sale or purchase, those attorneys need to be scheduled also. The Realtors involved do not schedule the closings.
The lenders usually will not schedule the closing until the file has been marked “cleared to close”. This means you have satisfied all conditions on your mortgage commitment. You also have your homeowners insurance paid and have the receipt. One or two days before the closing, your attorney will receive the numbers from the bank and will notify you of the exact amount of funds you’ll need to bring. These funds must be either a bank check or wire transfer.
The mortgage company will also be checking your credit report and verifying your employment a few days before closing. Avoid making any large purchases, such as a car. Try not to change jobs before closing.
The day of or the day before closing you should do a walk through of your new home. The contract calls for the property to be “broom clean”, or as clean as you can get it with a broom. You’ll check to see if everything that is supposed to be with the house is there, and the sellers have not left you with a bunch of junk you have to get rid of. You’ll check to see if the movers made a hole in the walls by accident, Verify that all appliances are in working condition. If the seller was required to make any repairs, verify that the repairs were done. If anything is not up to par, notify your lawyer. The walk through should be done only after the seller has removed everything from the property. Don’t forget to transfer the utilities into your name.
At the closing you’ll be signing many documents. If you don’t understand anything ask for an explanation. Mistakes happen. Your attorney will record the deed and mortgage. You’ll walk away with the keys and the house is now yours. Congratulations!