Title Services

What is a Closing? What to Expect and What to Bring:

A closing of a real estate transaction is the meeting, usually held at your escrow officer's office, where final documents pertaining to the sale/purchase of a piece of property are reviewed by the interested parties, signed as required and funds conveyed to complete the transaction.

Many people may be present at a closing: the buyer, the buyer's sales associate, the seller (or builder), the seller's sales associate, the lender or lender's representative, and the escrow officer. In the past, it was common to have both parties close in a joint meeting, however, with today's busy schedules, many closings occur separately: the buyer and their representatives reviewing and signing documents in one meeting and the seller and seller's representatives signing at another time.

These meetings usually take about an hour for each party, with the buyer providing "good funds" in the form of a cashier's or certified check to cover the down payment and closing costs. After recordation, the keys are passed on to the buyer and the proceeds from the sale are conveyed to the seller, and any outstanding mortgages are paid off on behalf of the seller.

If you are the buyer, be sure to bring the following to closing:

• A current government issued photo ID such as a passport, driver’s license or military ID card.
• A cashier's or certified check, made payable to your escrow company, for the amount specified by your escrow officer. This amount usually includes the balance of your down payment, closing costs and recording fees.
• A copy of your new homeowner's insurance binder if not already provided to escrow prior to this meeting.

If you are the seller, please bring:

• A current government issued photo ID such as a passport, driver’s license or military ID card.
• Your Social Security number for 1099 reporting.
• House keys to all doors and garage door openers if applicable.

In the weeks following closing, the buyer will receive the original deed that has been recorded. It will be mailed directly from the County Recorder's Office. Within several months of closing, buyers will also receive a copy of their Title Insurance Policy, paid for at closing, effective the date of recordation and issued by your title insurance company, like Long Title Agency.

 

Back to Title Services