Prior to meeting your escrow officer at the title company, both you and your real estate professional should have received a copy of the estimated closing costs for your transaction. This will be an accounting of all fees and what you have left to pay (if you are buying, receiving if you are selling) prior to closing your transaction. You will be bringing a cashiers check or arranging for a wire transfer to deliver the balance of funds to escrow. If you are selling, you can have remaining funds wired to you, or a check cut and delivered to you.
You should also have worked out:
- all the conditions of your loan with the mortgage broker or lender.
- obtained hazard insurance on the property
- bring a valid driver’s license or passport so that the notary can verify your identity
- decide how you would like to hold title-this may require conversations with estate attorneys or accountants far in advance of closing escrow, as estate and tax planning require time to implement.
After the signing you will be waiting for the lenders final review of your loan documents, funding the loan and the title company recording your deed, making you the owner (or not if you are selling) of your new property. Once all these things have occurred, usually within a few business days, you will be notified of closing and get (or give) your keys
Expect to receive your policy of title insurance and the deed to your new property sometime within the next month after closing. They should be put into a safe deposit or other firesafe box.