Now that you have an executed contract, we are past inspection and governing documents have been reviewed (if applicable) it’s important to schedule the closing on your calendar and (possibly) 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 I 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 the title company. On average closing takes about an hour, but if there is a problem it could take up to 4 hours. For this reason it’s important that you arrange to have a flexible schedule. If you have a time preference in the am or pm, please let me know.
It’s best if you attend the closing in person, however, if you can’t be there that day, notify me, your mortgage lender, and the title company now. 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 attorney at least one day before closing. You can also opt to have the documents sent to you and sign in front of a US notary wherever you are. I 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.
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, the processor at the title company or your mortgage officer. 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 my email address (@wfp.com), the title company or your mortgage lender’s email address. It would be best to wire transfer a few hundred dollars more than needed for closing just to be safe in case any last minute changes occur to the fees or a mistake was made in the calculations. At the end of closing you will receive a refund check for the overage amount which you will take with you when you depart.
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.
At the very end of closing, you will receive the keys to your new home!
If you have any questions about closing, please let me know by calling 202.821.5145 or emailing [email protected].