We have now arrived at the end of our journey down the path to homeownership as we have arrived at the anxiously awaited day of Closing Day. Although there were many steps we had to complete the actual time elapsed from Step 5 – Negotiating an Offer to Step 13 – Closing Day has only been about 30 calendar days.
Closing day is the day you will officially close and become proud owners of your first home.
Where does the Closing occur? – In Spring Texas, our closings are held at title companies. The title company that will hold the closing is the same title company you made your earnest money check payable to. The closing will occur at a defined scheduled time.
Who attends the Closing? – The title company’s escrow agent, the sellers’ listing agent, the sellers, the buyers’ real estate agent, and the buyers are the parties at the closing table.
What to bring to Closing – A valid drivers license and a cashiers check made payable to the title company for the amount needed to close on the home.
How long does the Closing last? – You should budget between 1 to 2 hours. The title company’s escrow agent will briefly describe the documents you need to sign. If you want to read all of the documents before signing you should budget 2 hours of your time for the closing.
Difference between Closing and Funding – After you and the sellers have signed all the documents that were placed in front of you the closing has officially taken place. But you do not own the home just yet. The next step is for the title company’s escrow agent to send the documents over to your lender. The lender will then wire to the title company the money to fund the loan. After the closing has occurred and the loan funded, a BIG CONGRATULATIONS is in order because you are now the owners of your first home.
If you have missed one of the previous steps in our first time home buyers series, you can find them through the links below:
Jill Wente was our realtor when we recently sold our home in Spring, TX. Jill's name was frequently seen... read moreJill Wente was our realtor when we recently sold our home in Spring, TX. Jill's name was frequently seen on for sale signs in our neighborhood and my wife decided that her research said Jill was who we should use.We met with Jill about one month before we were ready to list the property and Jill was very willing to speak with us and go through what she felt were the appropriate things that a home owner should be doing. She also had multiple home sales in the area and told us where she thought we should price our home. In addition Jill went through the entire home and gave us instructions on what needed to be done in order to make our home the most attractive. Before the home was put on the market, with a "coming soon" sign in the front yard, we had showing and offers. After the initial open house, we had 4 offers and selected one. The offers were at asking price or above. Unfortunately, the people who made the original offer we accepted, were not able to get their financing, but this didn't stop Jill. We kept the earnest money and relisted and immediately had 3 new listings, including the original family who opted out. After several discussions, we agreed to offer the home to the original family again, but included at Jill's recommendation very high earnest money requirements which the family accepted. The purchase went through and we set closing, moving out of our home to a new home near Austin, TX. Unfortunately during the move out, a leak developed in the laundry room and Jill found this. She immediately called us and we left everything in her capable hands as we were out of town. She contacted a plumber, had the pipe repaired, contacted a remediation company to dry the house, and another contractor to repaint the damaged areas. Jill also delayed the closing in order to get everything done. Jill was able to take a horrible experience and make everything right. She is the best realtor we have used and we have had at least 8 moves using 15 different realtors in the past. read less