The Closing
When the lender is ready to “close” your loan, or “fund” it, a closing will be scheduled between the attorneys representing you and the seller. They will also coordinate with numerous other parties who have to attend the closing. It is at the closing where you sign the final loan documents with your attorney’s guidance. Closings will typically take place at one of the attorneys’ offices or in case of coops, at the management company’s office. Your attorney will give you a list of documents to bring to the closing such a photo ID or perhaps a cashiers’ check. Closings can take anywhere from 1 – 2 hours.
If funds are being wired: “Wiring instructions” direct the electronic transfer of money between financial companies. You will need to arrange to have the wiring instructions in place ahead of time and your attorney will guide you in this process. It is critical that these instructions be exact in order to prevent any issues.