The most exciting day when purchasing a home is the day that you finally receive the keys; but before you do, you will need to sign some very important papers to close the deal. Closing day is going to be a busy one with your mind on moving, but it is important to know what will happen at the closing table so that you are prepared.
Generally, the closing will happen at the office of the settlement agent (may be an attorney, depending on which state you close in), or closing may take place at my office or at one of the real estate agents’ offices. Your real estate agent, the seller’s agent, the title agent and a notary may be there. I will also make my best effort to be there in case you have any last-minute questions.
Be sure to bring your ID (if there is a co-signer, please make sure they have their ID as well). We will have discussed whether you are wiring the money or bringing a certified check for costs such as down payment, taxes, insurance or other closing costs. Don’t worry, I will make sure you are well prepared.
You can then read through, ask questions about, and sign the loan documents that Fairway has prepared for you. Included in this paperwork is going to be your Closing Disclosure (which we will have reviewed together before closing), the promissory note (which says you will repay Fairway for the loan amount that you are borrowing), and the deed of trust (also known at the lien on the property). If you have questions about these, please do not hesitate to ask me.
My goal is to fully prepare you for what will happen at the closing table. We will talk often before then, and I will answer questions you may have and do my best to make this a stress-free process for you.