You’ve finally made it to the closing table after what might seem like an eternity since your offer to buy that updated 3 bedroom Tudor in Maplewood, NJ was accepted. You constantly hear people say “we have to make it to the closing”, but not everyone knows what that actually means. I like to give my clients a brief breakdown of what will happen the day of the closing so that everything runs smoothly and they can start moving in!
The closing table should have enough seats for the you, your attorney, the sellers, their attorney, both real estate agents & title &mortgage company representatives. What you will be doing there is finalizing the purchase of the home as well as your home loan if you are getting a mortgage. Including the walk through prior to closing, everything should take about 90 minutes.
Prior to signing, you and your real estate agent will walk through the home to be sure that the seller hasn’t had any wild house parties or decided to add some creative wall graffiti. Once you have determined that everything is in the shape you expected it, then you will meet with the other parties, usually at the office of the buyer’s attorney.
You will need to have a photo id, enough cash to cover your portion of the closing costs (outlined in the HUD), and proof that you’ve obtained and paid for the homeowner’s insurance policy (plus flood if required). Oh – and by cash I don’t mean crisp bills, usually this will be in cashiers checks or you will have been given wiring instructions prior to the closing. Bring your wrist support guard because then you’ll be signing away! You will sign your mortgage & title documents, purchase agreement, deed, settlement statement & the truth in lending act. After that, just take the keys and get your movers to start figuring out how to get that king-sized mattress up to the third floor!