Prior to Close
- Your lender will be in contact with you and make requests for documents up until the underwriter has issued a clear-to-close.
- Your agent will provide a fully executed signed contract to the title company along with your checks for the Earnest Money and Option Checks within two days of signing.
- Another copy will be provided to the mortgage company which has been receipted by the title company
- Review and approve Loan Estimate delivered from Lender within three days of receiving the contract.
- Inspections of the property must be performed during the time limits set forth on the contract for the Option Period. This is a negotiated item in the contract and should take into consideration holidays and offer contingencies.
- Review title commitment for any requirements. You can find explanation for this on my website.
- Request itemized list of closing costs and prepaid items from the loan officer to review prior to closing
Required for Closing
After lender has issued a Clear-To-Close, No less than three days prior to the close date, the lender/title company will provide buyer/seller with a CD or Closing Disclosure which will need to be approved promptly. The CD must be approved and then the closing date is set NO Earlier than three days after approval from both sides. YOU will NOT CLOSE ON TIME IF This has not been done.
A cashier’s check must be made payable to the title company at closing for the final amount. The cashier’s check or wire must meet “good funds” requirements. The title company/Lender must prepare the Closing Document (CD) and cannot give you a figure prior to receiving the closing instructions. Your lender may provide you an estimate. You must bring your driver’s license for notary purposes.
Ask for keys, garage door openers, and other security cards or access cards.
Avoid Closing Delays
ANY bills for inspections to be paid at closing MUST be provided to the title company prior to closing. A charge that is shown as Paid Outside Closing (POC) can be set forth on the CD if the title company is advised before closing.If you want to examine your loan documents, please request that the mortgage company provide the documents to the title company at least one day early so that you may have a copy for review.
If you will not be present at closing to sign documents and intend to use a Power of Attorney, the following MUST occur.
- The title company must approve the Power of Attorney prior to closing.
- Your lender must also approve the Power of Attorney prior to closing.
- The original Power of Attorney must be delivered to the title company prior to closing, as the original must be recorded with the County Clerk ahead of all other closing documents.
- The title company must be able to contact you via telephone on the day of closing to be certain you are alive and well and have not revoked the Power of Attorney.