Now that you have an executed contract, it’s important to schedule your closing date on your calendar and arrange to take the day off from work. Here’s what you need to know about your closing:
1. Your Closing Date
- It may change: While we aim for closing to occur on the specified date, various factors, such as tight timelines (30 days or less) or delays with the mortgage company, could push it back. For now, plan as if your closing date is final.
2. Location and Duration
- Closing is typically held at a title company or attorney’s office in NYC.
- On average, closing takes about 2 hours, but if there are complications, it could extend up to 4 hours.
- Take the entire day off from work to accommodate potential delays.
- While we can’t guarantee a specific time, we can request a morning or afternoon slot. Let us know your preference.
3. Scheduling the Closing
- The exact time and location won’t be confirmed until your mortgage officer issues the Clear to Close (CTC), meaning your loan is fully approved without conditions. This typically happens 2 days to 1 week before closing.
4. Attending the Closing
- In-person attendance is recommended so you can review the documents, understand when and how to make your first mortgage payment, and ask any questions.
- If you can’t attend, notify us, your attorney, and your mortgage lender immediately. Your attorney can create a Power of Attorney (POA), but this must be completed at least two weeks before closing. Your mortgage officer must review and approve the POA, and you’ll need to provide a notarized copy to your attorney at least one day before closing.
5. Wire Transfers and Scams
- The day before closing, you’ll wire your down payment and closing costs to the title company. Wire instructions will come only from us, your attorney, or your mortgage lender.
- Be cautious of scams: Do not follow wire instructions from anyone else. If you receive suspicious instructions, contact us immediately.
- To ensure a smooth process, we may ask you to wire a slightly higher amount to cover any last-minute adjustments. Any overage will be refunded to you at the closing.
6. Moving Day
- If you plan to move in on the closing day, schedule your move for 1–2 hours after closing ends. You legally cannot take possession of the home until the loan is funded and the seller receives the payment.
7. Keys to Your New Home
- At the end of the closing, you’ll receive the keys to your new home!
If you have any questions or concerns about closing, don’t hesitate to contact us.