Once the inspection is complete and the contingency is released, it is time to schedule the closing. If needed, you may also need to arrange time 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. However, for planning purposes right now, count on your closing date being the final date.
Closing generally takes place at a title company. An average closing takes about one hour. Closings are scheduled on the hour beginning at 9:00 am, with the last closing at 4:00 pm.
It’s best if you attend the closing in person. If you can’t be there in person, please notify me. That way your attorney can create a Power of Attorney (POA) so you can skip the closing. This needs to be done at least two weeks in advance of closing as your mortgage officer needs to review and approve the POA. You need to have it signed and notarized and get the original signed paper copy back to the title company at least one day before closing. We always encourage clients to attend closing as it’s important you understand the closing documents, when your first mortgage payment is due, how you make your first mortgage payment, etc. All of that will be explained at the closing. One other option is a “mail out” closing. In this situation you sign all documents in the presence of a notary and mail them back via overnight mail or FedEx.
At least one day prior to closing you will need to obtain a Cashier’s Check or initiate a wire transfer for your down payment and closing costs. The figure needed for closing will come from your lender. A Cashier’s Check is obtained from your financial institution. Wire transfer instructions will come from either your Realtor, your lender, or the title company. Do not follow any instructions unless they come from us. A personal check is not an option.
If you are planning to move into your new home on the day of closing, schedule the move for at least 1 – 2 hours after closing ends, if possible. Legally, you cannot move into the house until the end of closing.
At the very end of closing, you will receive the keys to your new home!
Questions? Feel free to contact us at 402-415-4799 or via www.OmahaHomeEquityGroup.com
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