One significant stress for first-time (and even some experienced) home buyers in Connecticut is not knowing what to expect leading up to and on the closing day. While every attorney has their way of doing things, let me walk you through how we do things at Bayer Law, PLLC.
Leading up to the closing, money is a major source of apprehension. How much will we need? How do we pay? What do I need to bring with me? What most buyers cannot understand (and, honestly, I sympathize with the frustration) is that we cannot confirm the final closing costs much before the closing. Unfortunately, the figures are often unavailable or changing right up until the day of closing. The most common reasons are the lender adjusting its numbers at the last minute and sellers delivering fuel readings late.
At Bayer Law, PLLC, we understand that the uncertainty around closing costs can be a major source of stress. That’s why we strive to ease this burden by providing our clients with an advance estimate of closing funds. We send this estimate to our client and ask that our calculated amount, plus a small cushion, be wired to us at least a day before the closing. This ensures we have all the funds we need to close in a timely manner and allows us to issue all necessary payments on the closing date, without our client needing to obtain bank checks or wire money on the day of closing.
Here is a clear breakdown of what happens on the closing date itself:
First, you will perform your final walk-through of the property with your realtor. A final walk-through is an opportunity for you to visit and assess the property before closing to ensure the home is in the same condition it was at the time of your inspection. Typically, the walk-through is scheduled on the morning of closing and takes approximately half an hour. If there are issues, those issues will be relayed to me, and a solution will be negotiated between the realtors, the attorneys, or both, depending on the issue.
If you are not obtaining a mortgage, then you are done, and all the rest involves me, as detailed below. If there is mortgage financing involved, the next stop is my office. We will go through and sign all the mortgage paperwork, which generally takes about 45 minutes. That does not mean the closing is done, though.
After the seller’s documents arrive at my office (which is usually the morning of the closing), I thoroughly review them to ensure they are sufficient to transfer the title and all necessary documentation is obtained. Simultaneously, we are obtaining funding approval from the lender. Once funding approval is obtained, the closing proceeds are wired to the seller’s attorney, and, when the attorney confirms receipt, the closing is done. The keys are delivered and you can take possession! This last part (the transfer of funds) usually occurs within a couple of hours of the completion of the mortgage paperwork.