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Closing Day!

Closing Day!

 

It’s finally here, the day you’ve been looking forward to. You’re about to go close on your new house. The question is, “what should I expect?”.

Your closing date is the day you become the legal owner of the new home. Typically, the closing date is decided when you first put an offer in on the house. This day can change based off of everyone’s agreements.

Sometimes the closing is delayed due to appraisal, inspection or financing issues. Don’t be shocked if this happens, work with your agent and lender to get it resolved.

Your real estate professional will typically tell you what time and location the closing is to take place. When you show up to the closing, there are a few things you should be prepared for.

  1. Make sure you bring a picture ID. Typically the closing agent will also be a notary and will need this to verify your identity.

  1. If you’re selling your current home before this new purchase, make sure to bring the closing package from the house you sold. Specifically, the lender will need to see the closing disclosure on the house that you sold.

  1. If you’re bringing funds to closing, such as down payment or closing costs, make sure these are certified funds. Your title company will probably not accept a personal check or a large briefcase full of small unmarked dollar bills…

    1. You can wire the money directly to the Title company but make sure to get precise wiring instructions. This method is safe in most cases but can be dangerous if you send the money to the wrong account. Wire fraud is a significant criminal business, and you need to to be very careful when using this method.

    2. Make sure you bring a cashiers-check from the account your loan company verified. If you’re not sure which account this is, call your loan officer before closing. Also, call your bank a week early to make sure they will issue a cashiers check in the amount you need. Some banks limit how much they’ll release at one time.

 

You can generally expect your closing to take 60 minutes. Depending on the type of loan and other factors it could be longer.

If you have small children make sure to plan accordingly. You will have a much more difficult time trying to wrangle five small children and signing a bunch of legal documents.

In Colorado, you own the house immediately after signing; this means you will get your keys and all the necessary information to move right in. Make sure to ask your real estate agent about utilities, Internet, trash and any other services that you need. They should be able to provide you with all the contact information you need.

You will generally sign between 50 to 100 pages of paperwork. If there is anything that you don’t understand at any time make sure to ask the closer, your lender or the real estate agent. It’s very important that you fully understand all the paperwork your signing.

  • Do not take out any new debt before your closing. Don’t apply for any credit, don’t accept any credit and don’t even dream about any new credit. This is often believed to be the number one killer of home purchases.

  • Don’t be late. You’re about to make the most significant financial transaction of your life. Make sure you’re on time and even early. Make sure to ask your loan officer to attend the closing along with your real estate agent. You want to have your full team in your corner to answer any questions and help guide you.

  •  Don’t blindly sign anything. We’ve said it before, and we will say it again, make sure you understand what you’re signing. If there is anything you need clarity on, make sure to ask someone on your team.

 

This is an exciting day. It’s okay to feel nervous, and it’s okay to have questions. Your team is there to support you and help you. You should leave the closing table with a smile on your face and excitement in your heart.

 You’re ready to move your family into your new home!

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