What to Expect When You Sign Your Mortgage Closing Papers

The final step in taking ownership of your new house is signing your closing documents at the title company. Depending where you live, you may sign your closing documents with the seller(s) present or you may each sign your documents separately. Either way, the title company is responsible to make sure the closing paperwork is accurate. Prior to signing your final papers to transfer the house into your name, you should complete your final walk through of the house. This should be done 24 to 48 hours prior to signing your closing paperwork to determine if anything has been removed from the house that was part of the contract, or if any damage has been done to the property. If any issues are found, they will need to be negotiated prior to your closing appointment with the title company. You should also contact the utility companies and transfer the utilities into your name according to the actual closing date.

 The title company is responsible to exam the title of the property to insure there are no liens on the property and to prepare a title commitment for your lender. The title company will also provide a title insurance policy (ensuring against any liens on the property), and complete a survey to ensure there are no boundary disputes. You should also request the title company to email you a copy of all the closing documents prior to your closing appointment, so you have time to review the documents and prepare any questions that you may have for the escrow officer, your real estate agent, or loan officer prior to closing. The closing disclosure (previously called the HUD 1) will list all the expenditures to transfer the property. These charges include: lenders, government, escrow, title, insurance, condo association, survey, inspection, real estate fees, and commissions. It is a good idea to take the time to compare the closing disclosure and documents against your loan estimate (formerly called the good faith estimate) and purchase agreement. Make sure the numbers match or call your agent or loan officer for an explanation. By law you must receive your closing disclosure at least 3 days prior to the actual closing date. This should give you enough time to compare and review your closing documents to your original paperwork.

When you meet with the escrow officer to sign your final documents, you will need to bring the following: valid picture ID, cashiers or bank check, proof of active home owners insurance, and patience. Give yourself plenty of time, at least 90 minutes to make sure you are not rushed and have time to ask any questions. Once you have sign all the papers, the title company will take the documents to the county courthouse and officially transfer the house into your name. At that point, all you need are the keys to your new house. Remember to coordinate your moving date according to the possession date listed in your purchase agreement. If the house is vacant you may get the keys the same day as the transfer date, whereas if the house is currently occupied, you may have to wait weeks after the closing date to gain possession of the house.

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