What Should I Bring to a Real Estate Closing?
Buying a home or any piece of real estate is exciting. After weeks, months, or even years of looking around, you have finally found the perfect property to suit your needs. After finding the perfect piece of property, getting your finances in order, and tying up other loose ends, you will be ready to “close” the sale. You will need to bring a whole host of items with you to the closing. Every transaction will be slightly different, but there will be certain items required at every closing.
The most obvious person that needs to be present is you, the buyer. You need to be present to sign all requisite documents In addition to you, any co-borrowers need to be present. Lastly, your spouse or partner of a civil union might need to be present. In Illinois, a spouse or partner has homestead rights in real estate that is going to be a primary residence. The seller, or lender, will want the partner or spouse there to waive those rights.
If you are unable to attend the closing, you may be able to sign a power of attorney to another. This must be approved far in advance of the closing. It is up to the buyer to draft a power of attorney, and it is not something that can be done in the spur of the moment.
Usually, you will need to bring money for a closing. The title company will provide the amount due to the real estate closing attorney the day before the closing. In Illinois, the Good Funds law establishes what form the money must be in. If the amount owed is over $50,000, the money must be wired, but if the amount owed is less than $50,000, a cashier’s check or certified check is acceptable. It is good practice to bring your personal checkbook to the closing, too. If there is a small change to the closing costs, the title company might allow you to write a personal check to make up the difference.
The lender and title company will want to see that you have insurance for the property you are purchasing. Bringing the declaration of insurance page and proof of payment is necessary. If you will be paying for the insurance at the closing, you will need an invoice, rather than proof of payment. Never assume that the lender has all the documents that you need and bring the documents you have in your possession; you do not want anything to go wrong at closing.
In addition to the items mentioned above, you will need to bring a government ID. There may also be other paperwork that is required by the lender at the closing. The lender should tell you what you will need to bring with you. If they do not, you should contact them so that nothing delays your closing.
The Joliet real estate attorneys at Hamilton and Antonsen, Ltd want to help you with your real estate closing. Contact us today to find out how.