Preparing for a Closing When Refinancing

What Is a “Closing”?

A closing is the process by which title to the property is transferred from the seller to the purchaser and the buyer’s loan is finalized. This occurs once the loan is approved, title work is complete, and no problems prevent completion of the transaction.

What if You Can’t Attend the Closing and you’re on Title?

If you are unable to attend your closing, please call our office so that we may prepare a Specific Power of Attorney appointing another party as having power to execute documents on your behalf. There will be a nominal fee for the preparation and recording of this deed.

Information Required from You Prior to Closing:

In order to prepare your file for your closing, our office will require several items of information from you about the sale of the home.

  • Hazard Insurance

  • Mortgage Payoff Information

  • Your Social Security Number

  • Homeowners Association / Condo Association Information

What Should You Bring to Closing?

The following is a simple checklist of items you should bring to closing:

  • Anyone that must sign the Loan Documents
  • Two forms of ID (A Drivers’ License, Passport, Military ID, or Insurance Card will work)
  • Certified Funds
  • Information Required by your Lender

We as a Law Firm require any amount over $5,000.00 be wired into our Escrow Trust account. We also require certified funds for any amount over $1,000.00. You will usually be able to write a personal check for any small difference under $1,000.00 that arises at the closing table. We will be able to provide you with the exact amount you should bring to closing as soon as the final closing instructions have been received from your lender. This will usually occur somewhere between 72 and 24 hours before the closing. Please make your Cashier’s Check out to yourself, and you can endorse it to us at closing. If you wish to wire your funds, please contact our office so that we may fax wiring instructions to your bank.

Among other things, it is not uncommon that the lender requests a borrower to bring copies of past tax documents. If your lender does so, you must bring these items to the closing or else the lender will refuse to fund your loan. If you have recently sold a home prior to your purchase, it is likely your lender will require a copy of the settlement statement pertaining to that transaction. Please be sure to bring a copy to the closing.