What exactly is a closing?

The closing is the consummation of a real estate transaction when all requirements are met and the deal is finalized.  This is often the event when final documents are signed and money is exchanged.  The closing often takes place at the office of the title company, lender, or real estate agent, and typically takes an hour or less.

The buyer/borrower, real estate agents, and the lender or mortgage broker normally attend and participate in the closing.  On occasion, the seller may also be present at closing. For the typical closing:

  • The closing statements for the buyer and seller are reviewed and signed. These contain the final closing costs and net amount due from the buyer and net amount due to the seller.
  • The necessary documents for closing are executed. These include the note, mortgage, and other loan documents the buyer needs to sign for the lender. Also included for the seller to sign are the new deed, tax identification documents, and affidavits.
  • Once all closing documents are executed, funds are collected from the buyer and lender, and authorization is obtained from the lender, the closing will be finalized. At this point, our company will disburse funds to the seller and other parties involved, and also record the necessary documents at the register of deeds office.

What do I need to bring to closing?

The Buyer should bring the following items:

  • Photo identification (driver’s license, state-issued identification card or passport)
  • Secondary form of identification (such as social security card or employment identification card)
  • Certified funds (cashier’s check) for amount needed to close
  • Any additional documentation requested by us, lender, and/or real estate agent

The Seller should bring the following items:

  • Photo identification (driver’s license, state issued identification card or passport)
  • Garage door opener, keys, etc.
  • Any additional documentation requested by us and/or real estate agent

What if I will not be present at closing and would like to use a Power of Attorney?

  1. Our company must approve the Power of Attorney prior to closing.
  2. If you are borrowing money, your lender must also approve it prior to closing.
  3. Our company must collect the original Power of Attorney document on or before closing to record along with other documents from closing.
  4. Our company will verify the Power of Attorney, and you will receive the original back after closing.