Updated: Sep 19, 2020
When Do I Get My Money?
Several days prior to closing, you should start thinking how you want to receive the proceeds from your sale. The title company can wire your funds directly to your bank account, or write a check to be overnighted to you or picked up in person.
Be aware that your banking institution may charge a fee for receiving the wired funds. It's also very important to remember that wire fraud is real, which makes it critical that you follow the title company's instructions carefully with regards to wired funds. Click here for more important information about protecting yourself from wire fraud.
The proceeds of the sale are typically made available until the next business day after the sale has been finalized ("closing"), though occasionally they'll be available on the same day as closing.
When Do I Sign Closing Documents?
In the week leading up to closing, you can expect to receive a call from the title company to schedule your closing appointment. If you know in advance that you will be traveling or unavailable during the week leading up to closing, please let me know asap so that we can make proper arrangements with the title company.
There are three standard options for signing documents:
Sign in-person at the title company handling the transaction
Courtesy in-person signing at a title company in your local area (if you live elsewhere)
Mobile Notary can bring paperwork to you where you are for signing. This is the option with the most flexibility, however it also comes with a fee, which should be confirmed with the title company prior to scheduling.
The signing appointment will last approximately 20-30 minutes, and you'll need to make sure you have a government-issued photo ID at the appointment. Also bring any relevant information about how you'd like the proceeds of your sale to be handled.
What Happens On Closing Day?
If the buyer is purchasing the property with cash, closing day usually goes quickly and easily. In this scenario, funds would be delivered by the buyer to the title company, the title company would then record the new deed with the County, and ownership transfers to the new owner as soon as the deed is recorded.
If the buyer is getting a mortgage to purchase the property, there are a few additional steps needed to get funds from the lender to the title company. The title company sends signed loan documents back to the lender, who reviews the documents one final time. If approved, the lender then wires funds to close to the title company and eventually issues a 'clear to close' notice, which effectively tells the title company that they have permission to move forward with recording the deed. Once the deed is recorded, the transaction is considered "closed", or finalized. The title company or I will contact you as soon as this occurs, to inform you that the sale has closed.
Just because ownership has transferred, it doesn't necessarily mean that buyers will have instant access. The buyer will take possession of the property according to the agreement in the contract for sale. In some cases, this may be at 5pm on the date of closing, and in others it could be anywhere from days to weeks after closing (if you have an Agreement to Occupy After Closing in place).
I will follow up after closing to provide copies of all documents related to the sale, for you to keep in your records.
If you have any questions about what to expect on closing day, don't hesitate to reach out to me anytime.