Closing day marks the end of the loooong process to becoming a home owner. Once again, like with the initial contract, you'll feel like you're signing your life away. I now understand why there are so many fees associated with closing, to pay for all the paper and ink involved!
To start, you should receive what is called a HUD-1 statement. You are legally supposed to get this document at least 24 hours before your scheduled closing. This form outlines all fees and costs to both you and the seller. Remember that Good Faith Estimate you got awhile ago? Well these are the exact numbers that paper was estimating. You'll want to look over this document to make sure there are no surprises and all the decimal points are in the right place! At the very bottom, you'll find a figure. Probably a very large figure. This is the amount you will need to bring to closing. We we're required to get a certified check from our bank, meaning that the funds had already been withdrawn (no risk of the check bouncing).
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Our closing happened at 9:00 a.m. on a Friday. You are able to pick the date and time, which is nice (Mon-Fri of course). Issues can pop up though, so you probably don't want to schedule it towards the end of the day. Basically, everyone gets together to sign even more paperwork. Present at our closing we're both real estate agents, the seller, our mortgage lender, and a representative from the closing company. After signing a bunch of more papers, you get to fork over that large check (ours ended up being only about $4000 something-remember, we bought our house on the cheap!). Then the closing representative faxes all the forms over to the lender and you wait for the funds provided by your mortgage to transfer. Then the seller is given a check for the sell price-minus what they still owed on the home. Finally you get the keys to your new home and say your goodbyes. Congrats! You're now a home owner!
All in all, our closing only took about an hour. The longest part was waiting for the wire to come through for all funds to transfer. We did have to return to the closing company shortly after leaving to correct a mistake in the paperwork. Because I don't have my husband's last name, the deed was mistakenly prepared for us as single, rather than joint ownership. Unfortunately, we run into problems like that a lotbecause people assume we're traditional or something!
After closing, I did feel a little lost though. It's still kind of hard to believe we own a home. You almost don't know what to do when handed over the keys. But alas, MUCH work lies ahead.
Have fun moving! ;-P
I want to end this post by giving credit where it's due. I had been talking to Brian over at EPolos and the interaction inspired me to write this. EPolos is an adept embroidery service in TEXAS and they have been great to me in recent times. Thanks for the idea guys! Well, I'm formally signing off for the evening. I'm exhausted. Until next time!
Posted in Real Estate Post Date 09/06/2015