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Understanding Closing

A few months back I posted a couple videos, “Understanding Title Insurance” and “Understanding Escrow“, where my friend Lisa explained the role of Title Insurance and Escrow. But what about “closing”, what should you expect at the closing table?

For that I called on my favorite Escrow Officer, Kelli Williams of Title One Corp, to help set your expectations of what you, a buyer or seller, should expect at the closing table.

What Should I Expect at Closing?


Q: What should a Buyer or Seller expect at Closing?

A: Closing is what we have all been working toward; its where all the pieces finally come together. The Title Officer and Escrow Officer have been working behind the scenes to put together all the needed paperwork for the buyer and seller to finally “sign on the dotted line”.

Q: What do I need to bring to the Closing?

A: For starters yourself! And a photo ID will also be needed. If you are required to bring funds to the closing you’ll want to bring that as well. Cashier’s check works best, but we can also accept a personal check from a local bank or credit union. However, we can’t take cash or credit cards or even checks drawn on a line of credit!

Q: Will I get the keys when I come in for the Closing?

A: Great question! No, you will not receive the keys at the closing. We actually still have quite a bit of behind the scenes work to get done. We need to make sure the buyer’s loan funds and we have to pay off the seller’s lender and then we have to record the documents! You’ll get your keys after the transaction is funded and recorded. I will contact your Realtor to let them know when you can pick up your keys.

The Wrap Up

Closing is an exciting time! Thank you Kelli for your time!

Realtor and full-time Real Estate agent in Boise, ID! And by agent, I mean Real Estate Ninja. Basically I'll do things like return your phone call and not treat you like a jerk. Connect with me on Google+.

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