Closing time, every new beginning….
The location of closing is determined by the title company that we chose when creating our offer. losing location is determined by the title company chosen by the seller. I typically use Rudy Title and their office is located at 2012 21st Ave S, Nashville, TN 37212.
A closing confirmation email showing the date, time and location will be sent out prior to closing. Closing will not be set until the Buyer’s lender issues a clear to close (CTC) loan approval.
Once closing is set, I recommend calling to confirm your movers one last time. Make sure they have the proper sized crew and truck to efficiently complete the move. If you are moving out of a condo and are not on the first floor, let them know, especially if your building doesn’t have an elevator. Most closings take approximately an hour but can take longer. While moving on the same day of closing is not recommended, if you are moving on the day of closing please be sure to give yourself enough time to complete the closing before you need to meet your movers.
A few important reminders for closing:
Bring your photo ID with you (ideally a driver’s license or passport)
Bring your checkbook (just in case)
Bring copies of your earnest money receipts and wire transfer receipt for the deposit and closing costs
If signing as a power of attorney, bring the original POA document(s)
Closing takes approximately one hour, however, it can be as short as 30 minutes or up to 2 hours or more if there are problems. On average, expect to be finished in about an hour. At closing, in addition to you, there will usually be the following people present:
Your attorney will sit right next to you and will go over all of the paperwork with you, explain when your first mortgage payment is due and tell you where to send it, etc. Basically the buyer’s attorney runs the show. The sellers are usually not present at your closing as they will have their own separate closing to sign documents for their side of the transaction. Don’t be surprised if closing starts late as previous closings may run long.
During closing make sure you understand how and when the taxes get paid. Your attorney should review this information with you in detail at the closing, but if not, be sure to ask.
At the very end of the closing, the Title officer will give you an overage check which is essentially a refund of the additional money you transferred over when you sent your down payment and closing cost fees. Remember, we always have you transfer extra just in case there was an error in the numbers. At the very end of closing you’ll get a check back for the extra amount. Please deposit that check within 1 – 2 days. You’ll also receive a copy of the HUD/Settlement statement. Hold on to this! You’ll need it next year when you prepare your taxes.
Last, but not least, you’ll get your keys and can now officially move in! Congratulations new homeowner!
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