S2 Ep25 - Get Ready To Close - a podcast by Brian Cook And Kindra Cox

On Season 2 Episode 25 of The Brian and Kindra Show, they discussed what to expect when you are getting ready to close. 

As a buyer, especially a first time home buyer, the inexperience of the process can be daunting.  When obtaining a loan, there are many steps that must be taken to get to closing. The contract specifies a closing date and all parties work toward that closing date.  However, the lender needs to have their loan approved before they can give “clear to close” and this typically happens just 3-5 days prior to closing.  In fact, a buyer must sign their closing disclosures 3 days prior to closing. This is the document that tells the buyer the amount of funds they need to bring to closing. Funds should be a certified or cashier’s check or a wire transfer. Personal checks are not accepted and many closing companies will not allow funds to be paid in cash.  

At this point, a buyer should also schedule the utilities to be transferred at closing. Generally, this is a quick and simple process as many utility companies accommodate online transfers. Occasionally, with rural utilities in person forms and a longer princess might be required. The City of Woodward needs a copy of the deed to transfer utilities, which is something not accessible until the seller signs at closing. However, your realtor can be prompted to email the City and advise them on the closing so there is no cut-off of utilities. 

The final walkthrough of the property is something the buyer does towards the end of the seller moving out. This can be a mess if the seller is still moving out and there are boxes around. However, your realtor can be communicative with both parties to avoid a crossover as much as possible. The final walk through generally takes place the day before closing or the day of closing if necessary.  Brian and Kindra love to take a “SOLD” picture of you in front of your new home at the final walk through.  A home purchase is a reason to celebrate and they want to help you commemorate the experience!

At closing both buyers and sellers need two forms of identification. And get your signature hand ready! Buyer’s packets can be anywhere from 5 pages to half a ream of paper. After the buyer signs, the seller signs. You cannot obtain keys to your home until the lender approves documents and the purchase is funded. 

The contract that Brian and Kindra use most often says that possession is to be taken upon closing and funding. That means sellers must be out of the house by closing. Sellers are often selling a home and buying another, so you might be booked for the day going to two closings! 

Brian and Kindra hope this information has been helpful to you. As always, if you have any questions or need help, please feel free to reach out to your local real estate professional.

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