Congrats! You did it! You survived house hunting, contract negotiations, the inspection period, the escrow process, and much more. You have one last hurdle before the house is your new home – YOUR SIGNING! Fun fact: closing day is our FAVORITE day! This is such an exciting time and you’re so close to owning your new home.
We want you to be prepared for this magical day, so here are a couple reminders on what to bring.
A Photo ID:We need to make sure you are who you say you! Sorry, your Costco card doesn’t count 😉 You can bring a driver’s license, state issued ID, or current passport. Some closings may require 2 forms of identification. Verify with your Escrow Officer beforehand.
Closing Funds:You can bring your closing funds as a cashier’s check or you can schedule a wire. If you choose to wire, always verify your wire instructions and the amount with your escrow officer on the phone- wire transfer fraud is a REAL VILLAIN! You can always bring in a cashiers check made to Pioneer Title Agency instead! Verify the amount with your Escrow Officer required to cover any down payment and closing costs.
All the Hand Stretches:Bring all the hand stretches you know! You’ll be signing a lot of documents because buying a house is a BIG DEAL! But don’t worry, you got this!
When we say a lot of documents – how many do we mean? Well that varies depending on the specifics of your home, loan program, and location, but some documents you will most likely encounter include:
Promissory note: Since pinky swears across the closing table can’t be documented, we have the promissory note! By signing this, you are promising to pay back the loan. This document will also outline some key points of your loan. AKA: terms, penalties, and interest rates.
Truth in lending statement: This document, also known as “Regulation Z” (snazzy name, we know), shows your interest rate, annual percentage rate, the amount being finances, and the total cost of the loan over its life.
Mortgage or deed of trust: With this document you are putting that beautiful home you just found up as security for the debt you now own. AKA the lender puts a lien on the property for providing funds.
Monthly payment letter: This handy dandy paper work breaks down your mortgage payment. You are able to see what goes towards principal, interest, taxes, insurance, etc.
Closing disclosure (CD): This is like a fancy receipt. The CD itemizes the buyer’s and seller’s closing costs separately. You should receive this document prior to approaching the closing table. We encourage to you look this over.
Warranty deed or title: This document is recorded and is what transfers the title from the seller to the buyer! This will also include the legal description.
Proration papers: People’s closing dates are not always on the first of the month, that’s where this document steps in. Proration papers explain how the buyer and seller are dividing up costs like property taxes, interest, HOA dues, etc.
Statement of Identity: This document is used to eliminate any confusion between you and anyone else with a similar name.
Declaration of Reports: This document acknowledges that you, the buyer, have seen and signed off on all the inspections/reports done on the property.
Important Documents:Your escrow officer and lender will let you know about other important documents you may need to provide at closing. These can include; separation agreement or divorce order if you are in the process of separating, insurance certificates, trust documents, etc.
Copy of the Purchase Contract: Should you want to cross-check any of the closing costs – bringing the purchase contract is a great idea! Bonus points – bring your realtor too!
Confetti & Champagne: Okay, that is not actually required, but you should still celebrate BECAUSE YOU BOUGHT A HOUSE!
Should you have any more questions regarding your scheduled signing or closing – be sure to reach out to your escrow officer! Happy closing!
Pioneer Title Agency is a full service company with an operating philosophy of "Commitment to Service." The company provides title insurance, escrow, account servicing, trustee sales, as well as builder related trust services through more than 70 offices in Arizona.