5 Things you should know to prepare for your Closing…

Lights, Camera, Closing!  The closing for your home is the event we have all been working towards. Here are 5 Things you should know to prepare for your Closing.

Many homeowners are nervous about the process and unsure of what to expect.  In Minnesota, we are a table funding state, meaning all parties get together and closing takes place at the Buyer’s Title company.  This differs from other states where properties go ‘into escrow’ for about 30 days and buyers and sellers close with their title companies separately during the escrow time.

Closings are usually a smooth, friendly process and finish in about an hour.  Here’s a few tips to prepare for your Closing:

1. What exactly is a Closing?  Closing is the culmination of your Real Estate transaction. Sellers and Buyers attend and ownership of the property is transferred. Realtors, Mortgage Officer and Closers are also there and the buyers will bring their down payment, the mortgage company will wire the funds for the mortgage, all parties will sign a deed and in little more than an hour’s time, the Buyers will be the official owners. Sellers will receive their funds at closing via a check or wire transfer.

What to expect at a Real Estate Closing in Apple Valley Minnesota

Closing is the Culmination of your Real Estate Transaction

2. Where will closing take place?  The closing will take place at the Title Company selected by the Buyers.  In Minnesota closings take place during business hours because the money coming from the mortgage company is wired to the title company that day.

3. What if I can’t attend the closing?  There is a process called Pre-signing, this allows a buyer or seller to sign the majority of documents ahead of time and appoint a Power of Attorney to attend the actual closing.  Sometimes the Power of Attorney is your spouse, relative, friend or even your Realtor.

4. What is a HUD statement and what role does it play?  The HUD is the complete settlement statement used at closing to show all of the credits and debits to both Buyers and Sellers.  The HUD will include all money being exchanged, the down payment, earnest money, title fees, mortgage costs, real estate compensation, payments to the State and County for taxes and fees.  The HUD statement is usually ready a few days prior to closing for your review.

5. What do I need to Bring to Closing?  You will need a photo ID, the title company will make a photo copy of your ID.  You will need to know your Social Security number; you do not need to have your card.  If you are a Buyer you will need a Cashier’s Check for your down payment.  The Cashier’s Check should be made out to yourself, you will sign it over to the title company at closing.  You will be asked for your last 10 years of addresses.  Sellers should bring their extra house keys, garage door openers and codes to closing for the new Buyers.

You can ask your Realtor, Mortgage Officer or Title Closer for other specific information.  Also, we are always happy to help you, just send us an email with your questions, you can use the Ask a Question page to contact us.

Read what Sheryl’s clients say about working with Sheryl and the Selling South of the River Team!

Click here to Search for all homes listed in Rosemount!

Click here to contact Sheryl if you would like her to “Sell my Rosemount Home!”

Tags:
Sheryl Petrashek
[email protected]

Sheryl Petrashek is a Realtor with Re/max Results. She is based in Apple Valley and Sells Real Estate in Apple Valley, Burnsville, Eagan, Lakeville, Farmington, Prior Lake, Savage and Rosemount MN.



Merry Christmas and Happy New Year!
Tempor placerat pid penatibus eros facilisis rhoncus magna non sed dis risus. Ac ut! Vel vut enim porta lectus est habitasse egestas in. Augue dapibus odio! Rhoncus porttitor scelerisque sagittis, elementum magna, vut scelerisque enim elit parturient dignissim platea vel nascetur porta lacus mid odio, in ut, rhoncus, platea etiam enim quis integer placerat, mid, natoque, non scelerisque non!
Santa Claus
SUBSCRIBE TO NEWSLETTER
Turpis dis amet adipiscing hac montes odio ac velit? Porta, non rhoncus vut, vel, et adipiscing magna pulvinar adipiscing est adipiscing urna. Dignissim rhoncus scelerisque pulvinar?
WELCOME TO WEBSITE
Nisi mus sit lectus, velit tincidunt? Aliquam. Adipiscing a duis, enim purus dis, etiam odio auctor sed pulvinar proin dolor. Egestas dolor ridiculus elit lacus nunc quis aliquet. Aliquet et. Nunc et, tristique amet sagittis integer magna.
SUBSCRIBE TO NEWSLETTER
SUBSCRIBE TO OUR NEWSLETTER
Please enter your name & email address to subscribe to our newsletter.