What to Bring to the Closing Table

What to Bring to the Closing Table

Finally, it's closing day!

Let's run down a few things that you need to be ready for the closing table.

Receive and Confirm Wire Transfer Instructions

The title company will send you wire transfer instructions. Unfortunately, there are unscrupulous folks out there, so it is necessary to confirm that the wire transfer instructions are correct.

***Please note: KNE Realty will NEVER send you wire instructions***

Call the title company using a phone number for them you know to be correct and confirm the routing number, the bank account number, and other details are all correct before sending any funds.

Do not use a telephone number found in an email. Use only publicly published information to contact the title company.

Wire Transfer Funds

In addition to the wire transfer instructions, the title company and lender will send you the final amount that is needed to close.

Ideally, you'll wire transfer the funds the day before you close. This is going to ensure that the funds arrive at the title company in plenty of time to close.

Make sure you initiate a SAME DAY wire transfer. The bank is going to charge you a fee for this (usually $25-$45), but this is the type of wire you need to do. Other types of transfers can arrive many days later and will delay your ability to close.

Bring an ID

Remember to bring your driver's license or some form of government issued ID with you to closing. The title representative / notary public at the signing will make a copy for their records to make sure it is really you!

Bring Your Documents

If you have original documents that pertain to your transaction, be sure to have them with you at closing. The title company will review and make copies of the documents at that time.

Examples of documents would be:

Death Certificates
Divorce Decree
Power of Attorney
Limited Liability Company

Warm Up Your Hand

You are going to feel famous with all the autographs you’ll be asked to give. There will be loan documents, title documents, disclosures, the list goes on. Warm up that signing hand!

Get Keys

If you're taking possession on the day of closing, most likely you're going to receive keys at the closing table. However, based upon your contract, the Seller may be remaining in the home through an agreed upon occupancy date.

Be sure to have your homeowners insurance in place at closing and during the occupancy period because you are the homeowner! You can set up your utilities to begin once you take occupancy.

Once the occupancy period finishes and the Seller has moved out, you will meet with your agent and do one more walk through of the home and then receive your keys.

Almost Done! - Property Transfer Affidavit

At the end of the signing, the title company will give you the property transfer affidavit and homestead exemption forms. You need to take these 2 forms to your county assessor's office and hand them in.

This is going to:

1 - Transfer the property into your name.
2 - Claim the home as your primary residence so you receive the homestead exemption on your property tax bill.

Congratulations! You did it! Now go enjoy your home!

 

 

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