Step 19 to Buying a Home: Schedule the Closing on Your Calendar
Now that we have contingencies removed, it’s time to look ahead to the close of escrow. Here are a few things to know about your closing:
- It could change. While we hope, closing occurs on the specified date, there are many factors which could cause it to be pushed back, such as a tight time frame for closing (anything 30 days or less) causing the mortgage company to need more time, etc. However, for planning purposes right now, count on your closing date being the final date.
- If you’ve purchased property before in other parts of the country, you might find closing in Southern California to be a bit of an anti-climax. We don’t have round table closings, everything is handled by the escrow company.
- You will likely need to attend escrow in person at some point to sign loan documents, although even this isn’t strictly necessary as we could use a signing service if necessary. Escrow will notify you when they have the documents ready for your signature.
- Your lender will explain that you need to receive a credit disclosure three days before we can close escrow. This effectively has become the key determinant of the final closing date if you are financing your purchase.
- The day prior to closing you will need to wire transfer your down payment and closing costs to Escrow. The wire instructions for this transfer will come from escrow officer. Do not follow anyone else’s instructions! There are many scams out there targeted at buyers where scammers will email you fake wire transfer instructions to steal your money. Therefore, it is imperative that you only follow instructions sent from your escrow officer, don’t hesitate to call and confirm those instructions if you feel any doubt. You will be asked to wire transfer a few thousand dollars more than needed for closing just to be safe in case any last-minute changes occur to the fees or a mistake was made in the calculations. At the end of closing you will receive a refund check for the overage amount which you will take with you when you depart.
- If you are planning to move into your new home on the day of closing, schedule the move for late afternoon. Legally you can’t move into the house until the end of closing once we have confirmation of recording from the County.
- The last step, you will receive the keys to your new home!
Go back to Step 18 to Buying a Home: Give Notice To Your Landlord, go forward to Step 20 to Buying a Home: Hire Movers and Start Packing!.