Step 12: Scheduling the Closing and your Move In
Now that you have a mutually accepted 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 contract:
1. 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.
2. Closing generally takes place at a title company downtown. On average closing takes about 2 hours, but if there is a problem it could take up to 4 hours. For this reason, it’s important that you arrange to take the whole day off from work. We can’t specify a specific time but can request either morning or afternoon. If you have a time preference, please let us know.
3. The closing location and exact start time won’t be scheduled until your mortgage officer gives us 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.
4. It’s best if you attend the closing in person, however, if you can’t be there that day, notify our team, your mortgage lender, and your real estate attorney now. That way your attorney can create a Power of Attorney (POA) so you can skip the closing. This needs to be done at least two weeks in advance of closing as your mortgage officer and escrow need to review and approve the POA. We always encourage clients to attend closing as it’s important you understand the closing documents, when your first mortgage payment is due, how you make your first mortgage payment, etc. All of that will be explained at the closing.
5. 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 either myself, your attorney or your mortgage officer. Do not follow anyone else’s instructions unless it comes from one of the three of us.
WARNING! WIRE FRAUD ADVISORY
Cyber Wire Fraud, Business Email Compromise (BEC), Spoofing and other forms of fraud affecting real estate transactions are on the rise!
Escrow will ONLY send you wire instructions via encrypted emails. Please contact your escrow officer or us using the known contact information if you receive a suspicious or fraudulent email.
6. If you are planning to move into your new home on the day of closing, please don't. Closing usually happens after 5 pm. 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.
7. At the very end of closing, you will receive the keys to your new home!
If you have any questions about closing, please let me know by calling 253-988-8252