Closing on a piece of property, whether as a buyer or seller, can be a stressful experience but it doesn't have to be. Simple preparation can make the transaction go smoothly and reduce any anxiety that you may have. Communication with your closing agent is vital to ensure that process goes the way it should.
To avoid delays, there are a few items that you likely will need to bring with you should the closing be in person.
1. Valid Photo Identification
In a typical transaction, you are expected to have two forms of identification. At least one of the following will be required:
- A Valid Driver’s License or non-driver I.D., issued by any state.
- A Valid Canadian or Mexican Driver’s License issued by the Official Agency
- A Valid United States I.D.
- A Current United States or Foreign Passport
2. Hazard Insurance Policy and Paid Receipt
Otherwise known as homeowner’s insurance, a hazard policy that designates the lender as the insured holder of the mortgage is required. Evidence of this insurance, including the paid receipt, is required to be provided prior to closing.
3. Cashier’s Check, Treasurer’s Check, or Wire Transfer
Should you be required to provide funds at closing, the closing agent will not accept personal checks or cash. Check with your closing agent if you plan on wiring the funds so wiring instructions can be provided well in advance. Also, check with your closing agent if you are bringing a proceeds check from another settlement as not all closing agents will accept checks from title companies and attorneys.
4. All Persons Who Hold Title to the Property or Who Will Be Purchasing the Property
Must attend Closing to Sign Documents
Check with your closing agent in advance of the closing to verify each person that must be in attendance to sign the documents. If that person cannot attend, the closing agent should be able to assist you with obtaining a Power of Attorney or do a “mail away” closing.
Taking these simple steps will help you enjoy a smooth and quick closing.