Step 7: Closing and funding
Before the closing you should receive a final disclosure from the title company (who has been working with your lender) that details all your closing costs and tells you the amount to bring to closing. Some title companies require your funds to be wired, and they will give you wiring instructions (be SURE to verify those on the phone to avoid becoming a wire fraud victim!). Or, you may be able to bring a cashier’s check – it depends on the amount and varies by Title company. You will also need your photo ID. If you are married, both spouses will need to attend to sign, unless there is a POA involved and that needs to be approved and arranged in advance.
Most title companies offer remote notaries in the event one of the parties is out of town and cannot be physically at the closing – this needs to be communicated well in advance with the lender and title company, and the seller’s agent; and there may be a fee.
The sellers will close on the same day as the buyers, but not at the same time. You will do a walk-through of the home before closing to be sure the home is vacant and in the same condition as it was when you made the offer.
Once all the documents are signed by both parties, they go back to the lender, who will look them over and once they are approved, the lender will fund the loan. Funding can take a few hours; if you close late in the day, it may not take place until the next day. If you close late on a Friday, it may not fund until the following Monday. Ask your lender about their funding process and timing. Unless there is a temporary lease as part of the contract, you cannot take possession of the home until funding takes place. Once it does – congratulations! You are the new owner!