Congratulations! It’s Closing Day!

On your closing day, you will be asked to sign numerous documents (don’t worry – we have pens and “cheater” reading glasses). We understand that this can be stressful process, but know that we handle numerous transactions every day, and we will be able to answer any questions that you may have. We will make sure you leave the closing table confident and happy about your new and exciting purchase!

Some documents you sign will be:

  1. Closing Disclosure This contains the terms and costs of your transaction. By law, your lender must provide the Closing Disclosure to you three days before your closing.
  2. Promissory Note This is your promise to repay the loan (mortgage) to your lender. The note provides details about the loan, including the amount you owe, payment due dates, interest rates, length of time or amount of payments, payment information, as well as consequences of failing to make your monthly payments.
  3. Deed of Trust This document transfers legal ownership of the property. This document also explains that if you fail to repay your mortgage, your lender may foreclose on your home. Basic Promissory Note information will also be included, as well as explaining your responsibilities and rights as a borrower.

Once all the appropriate documents are signed, all respective parties will be paid and you will be handed the keys to your new home!

 

What To Expect

Arrive

Your appointment usually takes about an hour. Your closer will walk you through what will happen at the closing. The seller, listing agent, and your real estate agent might also be present.

Sign

Your closer will
present you the final
paperwork to sign.
You should try to look at the paperwork
prior to the closing, but know that there is always plenty of time for questions.

Copy

If the closer steps away for a few too many moments to
“make copies”,
do not be alarmed. There are a lot to be made, and copy machines can only go so fast.

Celebrate

When the
paperwork is:

Signed
Complete
Approved
Copied

You will get your keys!

 

Being a 1st time buyer, you were awesome taking your time to explain this very nerve racking process to a couple of newbies to this process. Without saying a thing, you saw the color drain from our face when we viewed our documents. Both Carol & I just wanted to make sure you are aware of the excellent customer service you delivered yesterday.
Willam P., First Time Homehuyer

 

Buyers Closing Checklist

Buyers Closing Checklist PDF

      • Make sure your funds have been wired to Partners Title
      • Carefully review the closing fees and payments in the settlement statement. Remember no question is a dumb question; ask your real estate agent, loan officer, closing agent, or visit PartnersTitleCo.com if you have any questions
      • Review the details for your closing appointment. Closing day is also the crazy, exciting, and stressful moving. Make sure you know when to arrive, how to get there, and where to park.
      • Bring your driver’s licence(s) (or other form of picture identification)
      • Bring your Social Security Number(s)
      • A list of questions for the sellers. What are the neighbors like? Do any dogs or cats like to show up every once and while?  What is the mailman’s name? Do they recommend any babysitters or daycare in the area?
      • Contact your real estate agent, closer, and lendor to ensure no other materials are necessary

Sellers Closing Checklist

Sellers Closing Checklist PDF

You are free to decide if you’d like to be present at the closing, or provide all necessary items and documents before hand. If you choose not the be present, let your real estate agent and lendor know as soon as possible and be sure to provide all the necessary documents before hand. It is also important to have access to a computer and to keep yourself fully available during the scheduled closing time to be able to answer any calls or questions that may arise.

      • Provide your forwarding address to Partners Title
      • Complete the necessary 1099 forms
      • Provide wire instructions to Partners Title and indicate your preferred split for seller proceeds
      • Freeze any line of credit accounts to any future advances
      • Provide a copy of your driver’s license(s) (or other form of photo identification)
      • Provide a copy of your social security number(s)
      • Provide keys and garage door opener
      • Provide Code Compliance/Certificate of Approval from the city for the following: Bloomington, Crystal, Hopkins, Minneapolis, New Hope, Richfield, St. Louis Park Osseo, Brooklyn Park, Golden Valley, Maplewood, St. paul, South St. Paul
      • Contact your real estate agent, closer, and lendor to ensure no other materials are necessary

 

 

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