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5 Things You Should Know Before Going to Closing

1. Make sure that your ID is valid and not expired. Some title companies require two forms of ID. Acceptable forms of ID are: Passport, Drivers License, Valid State ID, etc. Check with the title company processing your closing for acceptable forms of identification.

2. Be sure that your funds are ready for closing. You will need guaranteed funds for your portion of closing. It will need to be a wire set up ahead of time or a cashiers check. A buyer will receive final numbers from the agent or loan officer before closing. Be prepared for numbers to fluctuate until they’re finalized. Make sure that you verify the correct amount before arranging setting up a wire or picking up a cashier’s check.

3. Plan for an hour or so to sign.

4. Know where you’re going. Be sure that you have the address of where you’re going to sign, the name of the escrow officer who will be assisting you, and the time of your appointment.

5. Buyers will not normally receive the keys until everyone has signed and the lender has authorized title to release the funds from your proceeds and the loan. (This usually happens the same day, but if you’re closing  in the afternoon, do not plan to get keys until the next business day as a worst case scenario…Pay close attention if you’re closing on a Friday afternoon!!! You may not get keys until Monday, so plan accordingly and stay in touch with your real estate agent and lender about this detail!) Of, course, Cash is king! Most of the time you can get keys immediately and bypass the “funding approval” step.