What To Expect At The Closing Table In Charlotte

The home sale and purchase process is an emotional period that extends from anywhere from 15 to 60 days. The culmination of the process is the closing table. Sometimes all parties meet to close the sale while other times the buyer meets with his team and the seller meets with his. Ultimately the same information is reviewed at closing. Regardless of the setup, here is what to expect at the closing table in Charlotte.

Buyers At Closing

If you’re the buyer, there are certain things to expect when sitting down at the closing table. There are three basic things to think about.

WHAT TO BRING

You’ll likely meet at an attorney’s office or the escrow office. Great real estate agents make sure their client is prepared when they come to the closing and are there to help explain things if there are questions. Make sure you have your identification and the final funds check made payable appropriate if you are required to add any further funds. Your real estate agent will confirm with the escrow office about exact amounts and instructions. If you are wiring funds, this should be prepared ahead of time as well. The mortgage company will take care of wire funds related to the loan.

WHAT YOU’LL DO

Warm up those hands because you’ll be signing a lot documents. You most likely already signed all of the mortgage documents, an amount of paper that looks like it could take up a wing at the Library of Congress. But you aren’t done. You’ll sign the escrow settlement estimates, a notice of your right to rescind, HUD-1 Settlement statements and other final loan documents. You’ll also sign documents regarding the property deed and title transfer. If you have questions going through the mound of paperwork, take a moment to slow the process down and ask questions before proceeding. The last thing you need is an unknown disclosure popping up suddenly that you should have seen weeks earlier in the process.

THE NEXT STEP

The next step is moving in. The escrow terms may outline whether you get the keys immediately or if the owner will remain in the home, renting back from you for a designated period of time. Congratulations, you are a new homeowner!

Sellers At Closing

Sellers generally consider it easier to close than buyers because they payoff has finally arrived. You will be getting money which is why you sold the house. Here is what you need to do at the closing table.

WHAT TO BRING

Bring your identification and any bank information that a wire transfer should go to. While this is usually prepared prior to closing, bring the information anyway to confirm the details are correct. You don’t want the funds to get wired to the wrong account.

WHAT YOU’LL DO

Just like the buyer, there is a lot of paperwork for you to sign. You’ll have your own settlement documents that close out any loan you had on the house. There will be deed transfer documents and any release of funds to realtors for commission and lien holders other than mortgage companies. Go through the paperwork and make sure all details are correct and ask questions before signing if something is unclear. Your realtor will be there as well as the closing officer for the escrow company to assist you.

THE NEXT STEP

Congratulations! You sold your home. If you haven’t already cleared the premises, now is the time to do so as you hand over the keys. If you have requested an extension of time to remain on the property, make sure you have a clear understanding of the timing and your responsibilities. The new owner has a right to take the property over in the same condition as the final walk-through inspection.

Get Advised Before Closing

Great realtors will walk you through the entire process of buying or selling a home. Sit down with your realtor to go over expectations of the final closing in Charlotte. Understanding the process takes the stress out of the situation and your real estate agent is there to help.

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