BOULDER – Research done, negotiations resolved, moving plans made, mortgage approved – only one hour at a title company stands in the way of getting those new keys in your hand. Ready, set, close!
Who will attend the closing
- Title agent reviews the contract, issues title insurance policies, receives funds and issues payments to all involved parties in the transaction, and facilitates the closing
- Real estate agents attend the closing to answer any questions, assist with any last minute issues and celebrate with their clients
- Buyer(s) and seller(s) sign the documentation required to complete the transaction – they are the most important participants at a closing!
- Loan Officer attends the closing to answer any loan related questions, assist with any last minute issues and celebrate the successful purchase of a new home
What to bring
- Government-issued identification: U.S. passport or state issued ID/driver’s license – cannot be expired. Also, must include the same name as the purchase contract and closing documents
- Certified funds for down payment and closing costs: Money can be brought to the closing in the form of a cashier’s check or wired to the title company prior to closing. Check with the title company for their guidelines. Also, wire fraud has become an issue in the past few years. Be sure to verify wire instructions directly with your title agent.
What you will sign
- Documents related to the property, including: deed (transfers title from seller to buyer, ownership is then recorded with the county), transfer tax declarations and title insurance documents
- Documents related to your new mortgage, including: Promissory Note (promise to repay the mortgage), disclosures (many of these are updated versions of what was signed at the beginning of the mortgage approval process like your application, and tax transcript form), final closing disclosure (a form itemizing all financial figures in the transaction including purchase price, closing costs, prepaid items, lenders fee, credit, earnest money and credits).
For more on this subject and what to expect post-close, visit the Elevations Blog at elevationscu.com/mortgageblog.
By Ian Bennett. Ian is a Mortgage Loan Originator at Elevations Credit Union in Boulder. If you have questions regarding mortgages, please call 303.443.2050 or e-mail firstname.lastname@example.org. NMLS #300599.