Now that you have an executed contract, it’s important to schedule the closing on your calendar and arrange to take the day 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 is not when you sign documents, it is when the county records your name on the deed, which is now done electronically. You will sign a couple of days before closing, provided your lender delivers the documents on-time. The closing location and exact start time won’t be scheduled until your mortgage officer gives title Clear to Close (CTC), 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, the title company can send a remote signer to you at your location, or you can get a ‘courtesy singing’ at a partner escrow office. We try to attend closings to make sure you understand all the final details.
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 the title company and you should verify the instructions directly with your escrow officer as there is a lot of wire fraud. Do not follow anyone else’s instructions unless it comes directly from your escrow company!
If you are planning to move into your new home on the day of closing, schedule the move for at least 1 – 2 hours after closing ends, if possible. Legally you can’t move into the house until the end of closing once the bank funds the loan and transfers the funds to the seller.
We provide our clients with a utilities sheet so that you are able to have the utilities in your name when you take possession of the property.
At the very end of closing, you will receive the keys to your new home!