- Closing is not to be confused with Recording. Closing occurs when your lender is ready to loan the money while adhering to the dates specified in the Purchase & Sale Agreement. A few days before closing, I will make an appointment with the title company for you to close. An appointment later in the afternoon gives everyone more time to make sure they have correct documents. The lender sends all the necessary loan documents to the title company. The seller has an appointment to close and you have an appointment to close. This can even be on different days and it's frequently done in different locations. I do not need to be with you when you close, although I try. Once you sign all the loan documents at closing, the lender sends the money to the title company, and then the title company records the sale at the recorders office. This is usually the next business day after closing. If you close on a Friday, the transaction records on Monday (unless it's a holiday). You cannot move into your new home until recording. Recording is the date listed in the contract, so in order to comply with the contract we need to make sure and close at least one business day before recording.
- We are seeing hiccups in getting a cashier's check or wire transfer of funds for closing, especially if the sums are very large. Please call your bank, or whoever you will get the cashier's check from, and walk them through exactly what you plan to do. There are surprise waiting periods for certain transfers. Like what, you ask? Well, we heard of buyers that planned to transfer $100K from an investment account into their bank account a couple days before closing, but when they went to do it, they found out there was a $10K per day limit. Oops.
- Important note about utilities . . . call the appropriate utility at least two days before recording and set up an account to get it transferred into your name.