The day is finally here, and we know you might be feeling that wonderful blend of anticipation and worry, just wondering if everything will go well. Closing day is the finish line of a sometimes long and complex process. You’ve chosen your dream home, passed all the inspections, and completed countless forms and tasks to get to the big day. You’re so close to becoming a homeowner, and your StoneBridge Title team is here to make your closing day one that you’ll remember for all the RIGHT reasons.
If you have everything in order, and we will make sure you do, your closing process should be simple. Before you get the keys to your new house, though, you’ll have to sign on the dotted line at the closing table. Let’s talk about what you should expect on the big day.
1. What Happens on Settlement Day?
In the morning, it’s likely that you will do a final walk-through of the home you’re purchasing. This is important: you want to make sure the home is still in the same condition that it was when you agreed to buy it. Your real estate agent will help you check all important elements of your home to make sure that everything is in place and working as promised.
2. Where Do I Go?
Depending on your lender, the closing will take place either at StoneBridge Title or at your home or place of business. Your StoneBridge Title loan processor will let you know where you need to be and when to be there.
3. What Do I Bring?
You will need your driver’s license and your certified source of funds. You might also need your proof of purchase of homeowner’s insurance, and any documentation requested by your lender.
4. Who will be There?
You can expect to see your seller, their real estate agent, a title company representative, and your real estate agent. If you have an attorney, they will attend, and your lender may also attend.
5. How does the Money Get Transferred?
Prior to closing day, your loan processor will inform you whether you will be wiring the funds or providing a certified check. If you are wiring funds, DO NOT make the wire transfer based on an email you receive unless you call us first and speak with the loan processor who you’ve been working with throughout the closing process. This is for your safety, to avoid wire fraud.
6. What Should I do Before Closing?
Prior to closing, our office will send you closing documents for your review. You should review all of them prior to closing, and ask your lender, real estate agent, or your title company any questions you might have.
7. How Long Will it Take?
You’ll want to allow plenty of time for closing. Most people take the day off, or at least a half-day off work. A normal closing will take about an hour. But sometimes there is a delay in receiving final paperwork from the lender, which may require you to wait at the closing office. Be ready to spend a couple of hours if necessary, but know that your dedicated title team will do all we can to expedite your closing you can move on with your day and start moving in!
8. What Will I Do?
You will be signing all of the documents, either in our office or through e-sign on our secure portal. You’ll sign the deed, transferring the property from the seller to you, the mortgage note, your promise to repay the loan, the loan application, and a loan estimate and closing disclosure. It’s a LOT of paperwork, so get ready for some serious signing!
9. What is the Title Company Doing?
Your StoneBridge Title closing agent will present all of the necessary documentation and explain it to the parties, including the Seller and Buyer as well as any other parties that may be present for the closing. The closing agent will collect the closing costs and disburse the settlement monies accordingly, including the commissions to the real estate agents and payoffs to the lenders. Our team will then record the deeds and other documents with the appropriate government entities.
10. What Happens After Closing?
Our job’s not over after you sign. There are still several post-closing duties that your title company needs to handle In order to finalize the transaction, we will record the deed and other documents with the appropriate entities. We will connect with the seller’s lenders to ensure they record a Satisfaction of Mortgage for the seller’s paid-off loan. Once everything is wrapped up, we will mail you your original deed and owner’s title policy within 30 days from the closing date.
And when it’s all said and done, the big moment is here: you’re officially a homeowner! When the lender has funded your loan and all of the documents have been recorded at the county recorder’s office, you’ll get the keys to your new home. Now the real fun begins, moving in and setting up your home for your family to enjoy. Even after closing, your StoneBridge Title team is here for you to help with any issues that may arise. If you have any questions at all, either before or after the closing day, we are always just a phone call away!