Closing Preparation
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At least three days prior to closing your mortgage lender will issue a preliminary Closing Disclosure statement (CD). It is important that you follow the lender’s instructions to acknowledge receipt of the CD as the closing cannot occur until three days following the acknowledgment.
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Prior to the closing you will do a final walk-through of the home to ensure that the sellers have completely moved out, that any agreed upon repairs have been completed, and that the home is in ‘broom clean’ condition. If there are any problems at the walk-through, call your attorney right away. This will give him/her a chance to discuss the issues with the seller’s attorney before the closing begins.
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Also prior to closing you will have to go to your bank to arrange for certified funds for the closing. You will need to arrange either a wire transfer or a teller check. Although you received the preliminary CD three days in advance, the CD is subject to review and corrections, so make sure you have a final figure before going to the bank.
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Be sure to have home insurance (hazard insurance) arranged and effective as of the day of closing.
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All buyers and their spouses must attend the closing unless told otherwise, and photo identification is required. Please also have a second form of identification as some lenders now require two forms.
