As the closing is set to take place in a week, I would like to take a moment to remind you of some crucial details.
As a home buyer, there are several things you should do to prepare for closing, especially if you're just one week away. These include:
- Reviewing the Closing Disclosure: Your lender should provide you with a Closing Disclosure at least three days prior to closing. Review this document carefully and make sure all the information is correct.
- Preparing funds for closing: If you're bringing funds to closing, make sure you have them readily available and that you know how to transfer them to the closing attorney. Confirm the exact amount and payment method with your lender.
- Scheduling time off work: Closing can take a few hours, so it's a good idea to clear your schedule for the day. You may also want to take the day off work to avoid any conflicts.
- Conducting the final walkthrough: Schedule a time to conduct the final walkthrough with your real estate agent. This is your last chance to make sure the property is in the expected condition and that any repairs or agreed-upon work has been completed.
- Communicating with your lender: Stay in touch with your lender and respond promptly to any requests for information or documentation. This will help ensure a smooth closing process.
Clear To Close
Clear to close is a crucial milestone in the home buying process that indicates the buyer is fully approved to close on the sale. However, it can take time to obtain, as lenders may be overwhelmed with transactions. It's not uncommon to receive clear to close just a day or two before the scheduled closing. Buyers should stay in communication with their lender and agent and remain patient during the process.
Review the closing disclosure to confirm that all the details are accurate.
Utility Transfer
It's important to remember that transferring utilities is a necessary step in the home buying process. Typically, it's recommended to transfer the utilities to the buyer's name about a week or so prior to the closing date, with the start date for the transfer being the day of closing. This can help ensure a smooth transition of services and prevent any lapses in service or billing. It's also a good idea for buyers to confirm which utilities they will be responsible for and to set up automatic payments or billing as needed. In case you haven't received a list of utility providers for your new home, please get in touch with your agent immediately.
Closing Funds
In case you are planning to wire the fees, you must wire them to the closing attorney in advance, using the amount indicated on the closing statement. It is critical to confirm the wire amount with the closing attorney before the transfer. In some instances, you may have to schedule an appointment with your bank and visit them in person to initiate the wire transfer.
Walkthrough
The final walkthrough is a crucial step before closing on a property. It enables the buyer to assess the property for any damages or changes that may have taken place since the initial inspection, and to ensure that any repairs or agreed-upon work have been completed. It is important to note that the final walkthrough is not an opportunity to renegotiate the contract terms. If any issues or concerns arise during the inspection, the buyer's real estate agent can help address them before the closing. In conclusion, the final walkthrough provides the buyer with peace of mind and ensures that the property is in the expected condition.is a crucial step before closing on a property. It allows the buyer to inspect the property for any damages or changes that may have occurred since the initial inspection and to ensure that any repairs or agreed-upon work has been completed. Any issues or concerns that arise can be addressed with the help of the buyer's real estate agent before closing. Overall, the final walkthrough provides peace of mind to the buyer and ensures the property is in the expected condition.
Day of Close
To ensure a smooth and successful closing, it's important to follow certain requirements and procedures. It's important to remember that all parties involved must attend the closing. Contact your closing attorney to confirm the type of identification that you need to bring with you to the closing. If you need to make a payment by check, please make sure to use a cashier's check payable to the title company. Discussing these requirements with your closing attorney in advance can help avoid any potential delays or issues on the day of closing.
FAQs
Is It Necessary to Attend the Closing?
Generally, it is recommended that you attend the closing in person. However, some exceptions may apply depending on your circumstances and lender's requirements. If you are unable to attend, options such as remote signing or designating someone else to act on your behalf may be available. It's important to discuss these options with your closing attorney as soon as possible so that the necessary arrangements can be made. Attending the closing in person can help ensure a smooth process, address any concerns, and provide an opportunity to meet the other parties involved.
Are we guaranteed to close by contract closing date?
It's important to understand that the closing date is an estimated date and not set in stone. While the contract closing date provides a timeline to work towards, various factors such as underwriting delays, appraisal issues, and title problems can impact the closing date. Buyers and sellers should be aware of the possibility that the closing date may need to be rescheduled if any issues arise during the transaction. To avoid any confusion or miscommunication, it's important to maintain regular communication with your agent and lender and work together towards a successful closing.
When will we receive confirmation that we are closing on schedule?
Typically, lenders will not provide a "clear to close" until all loan conditions have been satisfied, such as appraisal, employment and income verification, and documentation review. This process may take some time, and lenders prioritize files based on their closing dates. Thus, you may not receive confirmation that you are closing on time until you receive the clear to close from the lender, which can happen as little as 24 to 72 hours before the closing date.
What happens if we can’t close on time?
If the closing date needs to be changed due to unforeseen circumstances, an amendment can be made to the purchase agreement to reflect the new date. However, all parties involved in the transaction, including the buyer, seller, and their respective agents, must agree to the new date. It's important to communicate any potential delays as early as possible to minimize any inconvenience to all parties involved.
BUYERS CHECKLIST FOR CLOSING
*** PLEASE BE ADVISED THAT I WILL NOT SHARE ANY SETTLEMENT AGENT WIRING INSTRUCTIONS VIA EMAIL. NO EMPLOYEE, OFFICER OR AFFILIATE OF ATLANTA COMMUNITIES WILL EVER INITIATE A TELEPHONE CALL TO YOU TO OFFER WIRING INSTRUCTIONS. COMMON WIRE FRAUD SCHEMES AND THEFT OF WIRED FUNDS INVOLVE USE OF SIMILAR EMAIL ADDRESSES AND HACKED ACCOUNTS. IF YOU RECEIVE AN EMAIL OF WIRING INSTRUCTIONS FROM "ME" OR ANY "ATLANTA COMMUNITIES" EMPLOYEE OR EMAIL ADDRESS, DO NOT INITIATE A FUNDS TRANSFER AND CONTACT ME PERSONALLY IMMEDIATELY FOR VERIFICATION. Neither I, nor Atlanta Communities, is responsible for any wires sent by you to an incorrect bank account. ALWAYS confirm the proper wire instructions by calling the Settlement Agent's office using a phone number you find from an independent source, such as the internet, NOT the phone number at the bottom of an email that contains any wire instructions. ***
Clear to close is a crucial milestone in the home buying process that indicates the buyer is fully approved to close on the sale. However, it can take time to obtain, as lenders may be overwhelmed with transactions. It's not uncommon to receive clear to close just a day or two before the scheduled closing. Buyers should stay in communication with their lender and agent and remain patient during the process.
Review the closing disclosure to confirm that all the details are accurate.
Utility Transfer
It's important to remember that transferring utilities is a necessary step in the home buying process. Typically, it's recommended to transfer the utilities to the buyer's name about a week or so prior to the closing date, with the start date for the transfer being the day of closing. This can help ensure a smooth transition of services and prevent any lapses in service or billing. It's also a good idea for buyers to confirm which utilities they will be responsible for and to set up automatic payments or billing as needed. In case you haven't received a list of utility providers for your new home, please get in touch with your agent immediately.
Closing Funds
In case you are planning to wire the fees, you must wire them to the closing attorney in advance, using the amount indicated on the closing statement. It is critical to confirm the wire amount with the closing attorney before the transfer. In some instances, you may have to schedule an appointment with your bank and visit them in person to initiate the wire transfer.
Walkthrough
The final walkthrough is a crucial step before closing on a property. It enables the buyer to assess the property for any damages or changes that may have taken place since the initial inspection, and to ensure that any repairs or agreed-upon work have been completed. It is important to note that the final walkthrough is not an opportunity to renegotiate the contract terms. If any issues or concerns arise during the inspection, the buyer's real estate agent can help address them before the closing. In conclusion, the final walkthrough provides the buyer with peace of mind and ensures that the property is in the expected condition.is a crucial step before closing on a property. It allows the buyer to inspect the property for any damages or changes that may have occurred since the initial inspection and to ensure that any repairs or agreed-upon work has been completed. Any issues or concerns that arise can be addressed with the help of the buyer's real estate agent before closing. Overall, the final walkthrough provides peace of mind to the buyer and ensures the property is in the expected condition.
Day of Close
To ensure a smooth and successful closing, it's important to follow certain requirements and procedures. It's important to remember that all parties involved must attend the closing. Contact your closing attorney to confirm the type of identification that you need to bring with you to the closing. If you need to make a payment by check, please make sure to use a cashier's check payable to the title company. Discussing these requirements with your closing attorney in advance can help avoid any potential delays or issues on the day of closing.
FAQs
Is It Necessary to Attend the Closing?
Generally, it is recommended that you attend the closing in person. However, some exceptions may apply depending on your circumstances and lender's requirements. If you are unable to attend, options such as remote signing or designating someone else to act on your behalf may be available. It's important to discuss these options with your closing attorney as soon as possible so that the necessary arrangements can be made. Attending the closing in person can help ensure a smooth process, address any concerns, and provide an opportunity to meet the other parties involved.
Are we guaranteed to close by contract closing date?
It's important to understand that the closing date is an estimated date and not set in stone. While the contract closing date provides a timeline to work towards, various factors such as underwriting delays, appraisal issues, and title problems can impact the closing date. Buyers and sellers should be aware of the possibility that the closing date may need to be rescheduled if any issues arise during the transaction. To avoid any confusion or miscommunication, it's important to maintain regular communication with your agent and lender and work together towards a successful closing.
When will we receive confirmation that we are closing on schedule?
Typically, lenders will not provide a "clear to close" until all loan conditions have been satisfied, such as appraisal, employment and income verification, and documentation review. This process may take some time, and lenders prioritize files based on their closing dates. Thus, you may not receive confirmation that you are closing on time until you receive the clear to close from the lender, which can happen as little as 24 to 72 hours before the closing date.
What happens if we can’t close on time?
If the closing date needs to be changed due to unforeseen circumstances, an amendment can be made to the purchase agreement to reflect the new date. However, all parties involved in the transaction, including the buyer, seller, and their respective agents, must agree to the new date. It's important to communicate any potential delays as early as possible to minimize any inconvenience to all parties involved.
BUYERS CHECKLIST FOR CLOSING
- Government Issued Photo ID – Driver's license or Passport is acceptable. If neither available, get attorney approval
- If a Power of Attorney is executing closing documents on your behalf, the original must be brought to closing, as it must be recorded. The executed Power of Attorney form must be approved prior to closing by Attorney and Lender
- Closing conditions required by Lender, such as original tax returns, closing statement from sale of previous home, pay stubs or gift letters
- Pursuant to O.C.G.A Section 44-14-13, Georgia law requires all funds for closing over $5,000.00 MUST be in the form of a bank wire, NO EXCEPTIONS (including any gift funds or funds from any other source that may be used by the borrower including closing proceeds from another law firm); funds under $5,000.00 may be a cashier’s check or wire.
*** PLEASE BE ADVISED THAT I WILL NOT SHARE ANY SETTLEMENT AGENT WIRING INSTRUCTIONS VIA EMAIL. NO EMPLOYEE, OFFICER OR AFFILIATE OF ATLANTA COMMUNITIES WILL EVER INITIATE A TELEPHONE CALL TO YOU TO OFFER WIRING INSTRUCTIONS. COMMON WIRE FRAUD SCHEMES AND THEFT OF WIRED FUNDS INVOLVE USE OF SIMILAR EMAIL ADDRESSES AND HACKED ACCOUNTS. IF YOU RECEIVE AN EMAIL OF WIRING INSTRUCTIONS FROM "ME" OR ANY "ATLANTA COMMUNITIES" EMPLOYEE OR EMAIL ADDRESS, DO NOT INITIATE A FUNDS TRANSFER AND CONTACT ME PERSONALLY IMMEDIATELY FOR VERIFICATION. Neither I, nor Atlanta Communities, is responsible for any wires sent by you to an incorrect bank account. ALWAYS confirm the proper wire instructions by calling the Settlement Agent's office using a phone number you find from an independent source, such as the internet, NOT the phone number at the bottom of an email that contains any wire instructions. ***