Title Closing Process
What To Bring and Who To Bring.
Review papers, get your down payment, give your keys and the net proceeds of the sale are yours.
| Many people may attend the closing: you, your attorney, your Koenig & Strey Sales Associate, the buyer, the buyer’s attorney and their real estate agent, and an escrow agent (closer) from the title company. During the meeting, which usually takes an hour, you, the attorneys and the buyer will review and sign all of the relevant closing papers. Then, after the buyer provides a cashier’s or certified check for the down payment and closing costs, you pass the keys to the new owner and the net proceeds of the sale are yours. What To Bring to Closing In the rush of selling your home, don’t forget to bring the following items with you: If you’re the buyer: • A photo ID • A certified check, made payable to yourself, for the amount specified in the most recent HUD1 settlement statement you received from your attorney or the title company. Funds in excess of $50,000 must be wired to title company or settlement agent(per Public Act 096-0645 GOOD FUNDS). This usually includes the balance of your down payment (subtract the earnest money you paid when your offer was accepted), and fees for other services. • Your personal checkbook so if other charges come up, you can write a personal check to cover them. • Your new homeowner’s / hazard insurance binder with proof of one year’s payment (usually a receipt). If you’re the seller: • Keys and garage door opener(s) • Code compliance (if applicable) • If more than one owner, both owners need to attend or provide Power of Attorney to a designated person to sign documents on your behalf |
