Closing Process

Who Schedules the Closing?

If your home sold with an agent involved, the buyer’s agent will set up the closing. Of course you need to follow up with them to make sure that they did it, but it is customary for the buyer’s agent to send the contract to the closing attorney and set up the time.

If the time does not suit you, you can change it or you may have some other options.
You can ask the closing attorney if you can go in early; you can get a power of attorney for you or your spouse so that one of you can stay behind at work or with the movers, you can ask to do a mail-away closing.

Power of attorneys and mail-aways have to be set up with the closing attorney early. Not all attorneys do either of these suggestions.

If there is no agent involved, please call the closing attorney, fax them the contract, give them your information and the buyers information and set up the time. We will not be at closing so we do not care what time you set the closing for – make it convenient for you and your buyer. Let the buyer know.

In either case, keep in touch with the attorney often and make sure that you call them the day before to make sure that they have received the closing package from the lender. The funds come separately but you can close with delayed funds.

What Does The Closing Attorney Need From Me?

Immediately after you go pending you need to contact the closing attorney and get them the following information:

1. Lender information for all mortgages so that they can call for the payoff(s); Your payoff is NOT the principal balance on your monthly statement. It is different – sometimes much more than your stated balance. Use this worksheet and fax it to the closing attorney. The closing attorneys information should be on your contract.

2. Homeowner's Association information – the closing attorney will need a clearance letter. Your HOA may charge you for this letter; Check with the attorney to see what they need.

Getting the HUD Statement from the Closing Attorney

The law states that you are to get your HUD statement of proceeds or loss no later than 24 hours before closing. Call the closing attorney to get this. If you don't understand some of it, don't worry, the closing attorney will go over this line by line at the closing table.

What to take to Closing

At closing you need to bring:

A valid driver's license for each of the parties on the deed OR a passport;
Your Purchase and Sale Agreement - to compare if needed
Any Amendments
Your last water bill and proof that you paid it; Closing attorneys check with the county to see what your balance is and will charge you if you have not paid
Your tax bill if you have it - to compare the proration
Any funds that you agreed to during negotiation

Charges to you at closing:

1. Courier fees to pay off your mortgage(s) – usually $50.00 per payoff.
2. Small recording fees.
3. .0034 of your sales price paid to Duffy Realty.
4. Agent commission if there is a buyer's agent.

Taxes: All taxes are prorated at closing. Ask the closing attorney to explain this to you at closing.

If you have an escrow account with your lender, you will receive a check about 6 weeks after closing.