You will receive a HUD-1 (Housing and Urban Development) ALTA (American Land Title Association) statement from your title company three days prior to closing. This summary will break out the expenses pertaining to the sale. You want to check to make sure all the calculations on the form are correct.
The buyers will conduct a final walk-through of the property. This typically occurs the day before closing and gives the buyer the opportunity to ensure any repairs have been completed, the home is in the same condition it was when they made the offer, and that your personal belongings have been removed.
Collect any operation manuals, keys, garage door openers, neighborhood contact information and codes the buyer will need. Leave these in the home where the buyer can easily find them.
Closing will take place at the title company at a time pre-arranged by you, your agent and your closer. Closings occur on weekdays between 8 a.m. and 5 p.m. and take approximately 30 minutes.
If you and the buyer used the same title company, you may close together, or one after the other. But, it’s also possible for you to close at different times and through different title companies. Therefore, it is possible (and common) to never meet your buyer at all.
The title company must receive the funds from the buyer before distributing pay. Therefore, if you close before the buyer closes, you won’t receive a check at the closing table.
If you can not attend the closing in person, a long distance closing can be prearranged and conducted via FedEx in front of a notary. Or, a trusted friend can sign for you via power of attorney at the title office.