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2016-10-18 08:26:52
What to bring to the Closing Table

What to bring to the CLOSING TABLE

Closing TableHome Buyers & Sellers should come prepared with these items:

  • Bring complete identification to closing, including any person signing with a Power of Attorney. To comply with federal security, banking, and notary laws, you must bring valid (not expired!) government issued identification (i.e. drivers license or passport).

  • If you transaction is linked to another closing (e.g. you're selling and using the proceeds on a purchase later that day, or you're buying with proceeds from a closing that happened earlier), let your escrow officer know as soon as possible so he or she can better coordinate all the moving parts. 

  • Alert your escrow officer if there are any changes to your marital status since signing the contract, ideally prior to sitting down at the closing table

  • If a party to the contract is using a Power of Attorney (someone else will sign for them), make sure the title company has the original executed document at or prior to closing. Also, the title company is legally required to contact the person granting the power of attorney on the day of closing - make sure this person is available and expecting the call!

  • For any monies due over $1500, plan to bring 'good funds' to the closing table, in other words, a wire transfer or a cashiers' check (note that a bank 'ACH' transfer is not the same as a wire transfer and can cause lengthy delays).

  • Buyers should also confirm how the lender will deliver funds (usually via check or wire transfer), and work with their agent to clarify expectations with the seller. Bear in mind that a wire transfer from the lender will typically allow the title company to wire out the proceeds to the seller as soon as funding approval is received, assuming the seller's proceeds are not more than the amount of funds received in via wire. A cashiers check must be honored or 'collected' by the bank before any funds may be sent out via a wire, which could mean delays of one to three business days. Buyers and sellers should communicate (with the help of your realtor) prior to closing to clarify expectations).

 
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