The Day of the Closing
A closing is the actual event by which the title to a parcel of property is transferred from the seller to the buyer. If you obtained a loan, the lender’s documents will be signed and executed at this time. Keep in mind that even if you have successfully completed all of the items contained within the pre-settlement checklist, the closing will still probably be a stressful event, even if everything goes perfectly. You can get through it by minimizing the stress as much as possible.
Closing Checklist
The following is a comprehensive list of what you might need to bring to your closing, but you still will want to contact us prior to your arrival to make sure you have everything necessary:
Identification
Whether you are a buyer or a seller, always bring at least two (2) forms of identification to a closing, one ID of which should be a valid driver’s license or other form of official governmental ID.
Any and all original Powers-of-Attorney
Powers-of-Attorney which are to be used at closing (PLEASE NOTE: ALL POWERS-OF-ATTORNEY MUST BE PRE-APPROVED BY BOTH THE LENDER, IF ANY, AND A REPRESENTATIVE OF THE ROUNSAVALL TITLE GROUP PRIOR TO CLOSING).
The original homeowner’s insurance policy
The original homeowner's insurance policy (if it hasn’t been delivered already). Your insurance agent can fax this information to our office prior to the closing (our fax number is 502.893.4244).
Other original documents required by lender
Other original documents required by lender. This may include, but is not limited to, a previous HUD-1 Settlement Statement as proof of the sale of a previous residence, pay stubs, gift letters, etc.
Invoices
All invoices to be paid at closing, such as termite inspections, appraisals, repairs, etc. (PLEASE NOTE: ANY AND ALL INVOICES MUST BE PRE-APPROVED BY THE LENDER, IF ANY, SO THAT THEY MIGHT BE INCLUDED AS A PAID ITEM ON THE HUD).
Money due at closing
A cashier’s check for money due at the closing. Other acceptable forms of payment include certified checks, money orders or wires. If you bring either a cashier’s check or certified check, you may make this item payable to yourself, and simply endorse it over at the closing, or you may make it payable directly to “Rounsavall Title Group, LLC”.
Checkbook
A checkbook to pay for any items not included in estimates given prior to closing.
Additional Information
At the closing, with the assistance of your real estate agent (if present), you will have the opportunity to review the HUD for accuracy, and to make any adjustments if necessary.
It should be noted that our role at the closing is to represent the lender’s interests, and we are not authorized to provide legal advice to either party. You are more than welcome to have an attorney with you at the closing, but you will be solely responsible for any fees you will incur for their services, and besides, most people today do not feel the need to bear such an expense. However, we do have the responsibility to fully explain each of the documents to you, so make sure you ask questions about anything you don’t understand ... you have the right to read all of your closing documents thoroughly before you sign, and to receive a concise explanation of each document from us. So take your time to fully understand the terms of the transaction you are entering.
Although there is no such thing as a “typical” closing, you should plan on spending about one (1) hour’s time or so with the closing attorney.