It is generally the buyer who selects the closing attorney to conduct the settlement of the home sale, but it must be one that is approved by the lender. The date of the closing should be arranged as soon as possible as closing offices are usually very busy on Fridays and during the last week of every month. This is usually coordinated by your agent.
What you need to provide for closing
A bank wire in the amount of the down payment and your closing costs should arrive in the closing attorney’s account 24 hours prior to the closing time. The closing attorney will provide wiring instructions to you via an encrypted email source.
- Proof of payment for a 12 month home owner’s insurance policy, if it has not been provided by your carrier.
- Most closing offices will require two forms of ID. One must be your driver’s license or passport. The other may be something more simple such as a library card or big-box store membership card.
- Any other items specifically requested by the closing attorney.
Your agent should attend the closing with you so check with them in advance if you have any questions.
I recommend that all of my clients purchase title insurance. The lender will require that you purchase a policy for them and it only makes sense that you protect yourself as well.
The term ‘title’ is a statement of property ownership. When you buy a home the title is transferred to you as the new owner. On any property a “title defect” could arise which is anything in the history of that real estate property which may encumber your rights to the title without you even realizing it.
Title insurance protects you against unforeseen risks which may not come up in the original title search. Speak with the closing attorney early on regarding their policy. In some cases a survey is required in order for the title insurance to provide full coverage. Surveys often take up to three weeks and you do not want to delay your closing by not having it completed in a timely fashion if it is needed.