Step 12 to Buying a Home: Schedule the Closing on Your Calendar
Now that you have an executed contract, it’s important to add the closing date from your contract onto 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 executed contract:
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.
Closing generally takes place at a title company. 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.
The exact time for closing 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.
It’s best if you attend the closing in person, however, if you can’t be there that day, notify our team, and your mortgage lender. That way you can have an attorney create a Power of Attorney (POA) so you can skip the closing. Consult with a real estate attorney for details on how to use a Power of Attorney.
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 mortgage officer, or your title company. Do not follow anyone else’s instructions unless it comes from one of the three of us. There are many scams out there targeted at buyers where scammers will email you fake wire transfer instructions in an attempt to steal your money. Therefore, it is imperative that you only follow instructions sent from verified sources.
Verify all information in person before sending the wire.
If you have any questions about closing, please let me know by calling 801-734-5819 or emailing firstname.lastname@example.org