Preparing for Your Closing

What to Do Shortly Before the Closing:

Buyers and Sellers should be ready in advance of the Closing date. Some things to consider and to do prior to the Closing date include:

1. The Settlement Statement Review: The Buyer and Seller should carefully consider the amounts and statements on the Settlement Statement to ensure accuracy. Request explanations of amounts or information not understood or agreed with. The Title Company will provide information. Copies or drafts of the Settlement Statement and Closing Statement should be provided to the Buyer and Seller before the Closing to allow for reviews.
2. Buyer to Determine Cash to Close: The buy should confirm how much the cash to close is, which is the amount of money the Buyer is contributing for the Closing and purchase of the property. The Title Company can provide this information, which should be indicated on the Settlement Statement. Follow the Title Company’s wire instructions carefully before sending a wire.
3. Complete Pre-Closing Inspections: Make sure that the inspections are completed on time, and any issues found have been addressed.
4. Select the Homeowners Insurance Company: For Buyers, make sure to have found a homeowners insurance company ready to insure the property at Closing.
5. Prepare Documents Needed to Close: For Buyers and Sellers, make sure the documents and records needed for the Closing are prepared and provided to the Title Company. These can include corporate records such as corporate resolutions approving the transaction, trust agreements showing the authority to buy or sell real estate, powers of attorney, and other documents showing authority to the Buyer or Seller to complete the Closing.

What to Bring to the Closing:

For a residential Closing, there are certain documents you should be prepared to bring and present, as well as review at the closing.

1. Bring the Cash to Close: Buyer to deliver the cash to close based on the Closing Disclosure or the HUD-1 Settlement Statement. Buyer should advise the Title Company in advance of the closing how the cash to close funds will be delivered. If they are being wired, the Title Company should have established security procedures that need to be followed to confirm the wire instructions and directions.
2. Identification: Be sure to bring valid current identification, such as a Passport or state issued Driver’s License that has not expired. For some closings, in particular, when there is a Lender, two forms of identification may be required. If the Closing is occurring vie the internet, still have the required identification with you.
3. Seller to Bring the Spouse: Where the property being sold is the Seller’s primary residence, then the Seller’s spouse need to be at the Closing to execute certain documents, and should bring the required Identification.
4. Buyer to Bring the Spouse: If Buyer is taking out a Mortgage for the purchase of the property, then the Buyer’s spouse will need to execute the Mortgage (and present required Identification) even if the Spouse is not on the Promissory Note for the purchase.
5. Association Approvals: Where the purchased property is located in an association, the certificate of approval should be brought to the Closing. Estoppels should have been received prior to the Closing.
6. Receipts, Warranties, Insurances: Seller should provide receipts for purchases of improvements that the Buyer can use for warranty purposes. The Seller should also provide warranty and insurance agreements on improvements made to the property that the Buyer can use after the Closing.
7. Gate Cards, Access Cards, FOBs, Garage Door Clickers, etc.: Seller should bring all of the access control devices, cards and keys to be turned over to the Buyer.