What should I expect at my real estate closing?
Closings typically take about an hour and occur at our 3 locations, or we can arrange to close your transaction at our east Memphis office if that would be more convenient for the client. All of our closings are conducted by an attorney. Our goal is for you to be comfortable with and understand what you are asked to sign.
A brief explanation of each document will be given to you prior to signing by the closing attorney. If you need further explanation we will be happy to contact your loan office or you may seek legal counsel before signing the documents. If you would like to review the documents prior to closing please let our office know.
You will receive copies of all documents in either paper or electronic form. If funds are required at the closing you must have them delivered by wire transfer or in the form of a cashier’s check.
What are closing costs?
Closing costs include appraisal fees, title insurance fees, attorney fees, pre-paid interest and documentation fees. These fees can differ for each customer due to the type of mortgage and type of property. You will receive a good faith estimate of your closing costs in advance of your closing date for your review
What are the steps to a successful closing?
- Perform a title search and exam.
- Purchase title insurance. This cost is based on the purchase/sales price, if there is a loan then also the loan amount is a factor. There are additional endorsements and coverages available in some circumstances that require additional premiums to be paid.
- Perform research of the title to the property, examination of all matters disclosed in a search and preparation of a title commitment.
- Close on the property. Fees will include the preparation and coordination of the closing, conducting the closing, notarizing signatures, recording the documents, and providing you with copies.
What should I bring to my closing?
All signees must bring a government issued ID Card, such as your driver’s license. Some lenders require two forms of identification.
Certified or Cashier’s Check for your down payment and closing costs. You can find out the exact amount you will need to bring by contacting your lender or our office a day or two before your closing. You may also wire the funds and a representative at our office can assist you with this as well.
What is escrow?
This is an amount that's included in your monthly mortgage payment to cover your taxes and homeowner's insurance. Your lender keeps this amount in an account to make the payments on your behalf.
Do I need a home inspection to close my transaction?
Some lenders require a home inspection before they will approve a loan. Buyers should demand an inspection, even if the property is new. Sellers, who want to repair any defects that could delay the sale may order a home inspection before they put their property on the market.