Important Things To Understand About Closing Days
Closings are typically scheduled every hour so please allow for one hour in order to complete the process. Late in the day closings are often delayed so do not be surprised if your 3:00PM close doesn?t start until 3:30PM or even 4:00PM. Additionally, if you go to closing after 1:00PM, please know that your home may not record (and you may not be able to take possession of it) until the FOLLOWING BUSINESS DAY.
Avoid Friday closings when possible- a Friday close often leads to a late recording, which cannot take place over the weekend and must then wait until Monday. If you plan to have access to your home over the weekend, schedule an earlier close to allow for unexpected delays.
The typical closing meeting agenda is as follows:
- Resolve remaining walk-through issues
- Approve HUD 1 statement
- Purchaser selects title insurance coverage
- Seller signs the deed. Purchaser and Seller typically attend their own separate settlements and do not meet face-to-face. The seller will have signed the deed prior to buyers close...gone are the days when sellers and buyers sat down together.
- Purchaser signs loan documents:
- Loan application
- Truth in Lending statement
- Deed of Trust
- Seller's attorney provides the keys to purchaser's attorney
- Purchaser tenders the check and receives keys and possession as soon as the transfer deed is recorded. Often this will depend on the transferring of funds from your lender to the closing company, and this could take anywhere from 1-5 hours after close, provided everything runs smoothly.