What happens at closing?

Question

We're closing on our first house in a few weeks. Besides signing what I've been told is a ton of paperwork, what else can we expect? Do we bring the down payment and closing costs in cashier's check, or a personal check? Where will it take place, how long does it take? Who all will be there?
Thanks!

Answer 1

For our closing, we got a call that day with the amount we had to bring to the closing, and we brought a cashiers check, they said no personal checks. The only other thing that we had to bring with us was a photo ID. It took place in a nice conference room at a title company. We literally signed papers for over an hour. (I felt like I was back in elementary school writing "I will not ...." a thousand times as a punishment.)

Answer 2

Your lawyer should have told you this information already. You will need to bring the closing costs in a cashiers check. If there is a deposit above what the bank is loaning to you then that will need to be brought at the same time.

This usually occurs in the offices of the banks attorney, although some (few) banks are still closing in the bank itself. Besides you and your attorney the bank will be represented by either an attorney or a "closer", which is the attorney's paralegal that explains all of the paperwork to you. Sometimes your attorney won't come, but he/she should. It's best for you.

The paperwork is the Mortgage (generally 2 or 3 copies), the Note (2 or 3 copies) plus other paperwork depending on the location, age and condition of the house.

An important fact is to ask for the "Abstract". This is a thick book of pages (thinner on a new build of course) that has an entry for everything that was ever done to the property. Every pipeline, every addition, every survey, every lien, mortgage or sale... all in there. Most lawyers will simply keep this, although it IS one of the things that your closing costs have paid for. (Can be VERY VERY expensive, I've seen some as high as $3000.) Adding a page however, is usually about $25. Lawyers keep them for a variety of reasons.
They expect you to lose it since you don't know how important it is.
That THEY have it increases the likelihood that you will come to them again for all future real estate transactions as choosing them over another attorney reduces costs by hundreds or thousands of dollars.
If they aren't the most honest, some will charge you for it again if you come to refinance. It costs $25 to add a page, but because you don't have the abstract itself, they are going to sell you the whole thing. (Selling it means that you are paying someone to go back through all the records in the township, county and district to gather all records. This is why they are expensive. If a lawyer has to compile one it delays closings.)
If YOU have the abstract however, you can reduce future costs by telling the lawyer that you have it and bring it in to him.
Remember, it belongs to YOU. You paid for it, but typically, if you don't ASK for it, they won't give it to you.

Answer 3

These are questions for your title company. They should schedule an appointment with you when your loan has funded or to have you complete paperwork to fund your loan. You may have to bring closing costs, etc. - they will let you know the amount in advance (ask if they don't- it's usually a bit more than originally anticipated), and you will have to get a cashiers check from your bank. You should get copies of everything you sign, and keys if your loan is in place. This is generally what happens, but like I said, it really is a specific question for you title company. Do not be afraid of asking questions every step of the way.

Answer 4

Yep, the title company will tell you what you need, call them.