We are coming down to the wire on the closing of your home. Besides changing your address, here are a few very important items you need to be aware.
- Your attorney and the seller’s attorney arrange the time and place of closing. If you have any concerns about the time of day you need to contact your attorney right away.
- As a buyer you must attend the closing. Lenders require you physically attend closing so the documents contain your actual signature. Rarely will lenders allow one buyer to sign for another. If that is something you require you must verify this is acceptable with your lender and work that out with your lender and your attorney beforehand. If you are going to be signing documents for someone, make sure you have an original notarized (not fax) letter indicating Special Power of Attorney several days prior to close.
- Your attorney will inform you want amount you need for closing. Unfortunately, your attorney’s numbers depend on info they get from the seller’s attorney (re: tax calculations, credits etc). Often you won’t know the exact amount you will need until the day before or even a few hours prior to closing. You need to be patient and flexible. You may be asked to wire ‘worst case’ number. Don’t worry, the title company will give you the rest back.
- A Cashier’s check or wire transfer is required at closing. If the amount needed for closing is over $50k you must wire transfer it directly to the title company. Only if the amount needed is less than $50k is a Cashier’s check allowed. If a wire is needed arrange to have it sent the day prior to closing. Do not wait until the last minute to do this.
- Never wire money without actually talking to the title company first. Only the title company will give you wiring instructions. Electronic finance theft is rampant. The dark web already knows your email, and that you have applied for a loan. It is certainly possible for you to receive an email to wire money somewhere else. Confirm any request to wire money with the title company over the phone with the phone number your attorney or lender gives you.
- Contact the utility companies one week before closing. Arrange to change over services effective the day of close. Don’t delay. Moving into a place with the power or water off is not fun. Nicor Gas (888) 642-6748 www.nicor.com. ComEd (800) 334-7661 www.ComEd.com. Also, contact your town’s city hall for water, waste and other transfers. Arrange your: Electric • Gas • Water • Trash • Internet
- Plan on doing a final ‘walk-thru’ the day before or an hour before your closing. Call your Realstar Agent and arrange to meet at the property at your convenience. It will only take 15 mins so you should have plenty of time to get to the closing.
- Some other items related to closing include:
- Bring a copy of your new homeowner’s insurance policy with a ‘paid’ receipt.
- Bring a current Driver’s License with photo.
- Talk to your lender about all money being brought to the closing. You can’t just bring a check from ‘Mom and Dad’s’ account without approval.
- Bring your personal checkbook ‘just in case’.
- Contact your Attorney about any city transfer fees. Make sure payment is handled by you, your attorney or title company. We cannot make these arrangements for you.
- Confirm the time and location of closing with your attorney.
- Keep in touch with your attorney office and lender. Every transaction has a few last-minute details that pop up.
- Make sure you have a way of getting in touch with your lender during the closing.
If you have any questions call or email your Realstar agent.