closing on a house

amother

Tue, Sep 03 2013, 8:31 am

Didn't know where to put this. ..
I am iyh closing on a house very soon. I wanted to know from someone who's btdt about how much time will it take at the actual closing?

Pandabeer

Tue, Sep 03 2013, 8:33 am

wasn't there yet
Just want to wsh you Mazel Tov - may you do lots of simches in the new house

pesek zman

Tue, Sep 03 2013, 8:38 am

Mine took several hours, 2-3 but I doubt that that's typical

amother

Tue, Sep 03 2013, 8:38 am

It depends on what needs to be done. At our closing the seller had to prove that he paid off a bunch of garbage tickets etc.. Then they had to call title company, mortgage company. It ended up taking a bit more than 2 hours. If everything is perfectly prepared and no surprises, it could take as little as half an hour.

self-actualization

Tue, Sep 03 2013, 8:40 am

If your lawyer is competent then it shouldn't take more than 3 hours.

Meaning, you need to be prepared with the numbers ahead of time. In NY this means bringing the other 10% from the down payment to pay at the closing (in typical cases) as well as any extra funds that you didn't get from the mortgage company. You need to look at the "Good Faith Estimate" because the bank takes a lot of fees so in the end you will need to bring more money to the closing (because they don't disburse the whole loan amount toward your house purchase). Also in NY the title company can take somewhere in the $10k range let's say. Your lawyer should give you an exact amount that you need to bring to the closing in bank checks, and then tell you to also bring personal checks to cover things like splitting utility bills and water bills with the seller (I.e. paying him/her back for things he/she already paid for for the month or quarter ahead).

So if all the numbers get squared off quickly, it's 2-3 hours (because the seller's mortgage company still needs to be paid off by the seller, the real estate broker needs to get paid, the seller's attorney needs to submit some forms called Acris forms, your bank's attorney needs you to fill out a ton of paperwork, the title closer needs to transfer title, and one of the attorneys needs to complete a very important paper called the HUD-1 that goes to the government to record the sale).

Now, if your lawyer doesn't prepare you or is incompetent, then the closing can take 8 hours or more (from what I have heard). That's why it's important to hire an experienced and professional attorney (at least in NY it sure is).

Please let me know if you have any questions - it's been 2+ years since my house purchase and around 6 years since I have done a closing for someone else so I might not remember.

rae gi

Tue, Sep 03 2013, 8:41 am

It is very typical that a closing takes a few hours, especially if there is a mortgage involved.

The title closer is usually the one that runs the show.

Remember to bring along photo ID and a pen.

Congratulations.

gp2.0

Tue, Sep 03 2013, 9:57 am

I think it took 2-3 hours, but there was an earthquake in the middle so we all left the building and then went back in to finish. Very Happy

Liba

Tue, Sep 03 2013, 10:19 am

We closed on our house in the US twice, once buying it, once selling it. Neither time took more than an hour.

amother

Tue, Sep 03 2013, 10:41 am

Op here
Thanks all. Just trying to figure out taking off from work. I guess I should plan on at least half a day, possibly a whole day.

Mirabelle

Tue, Sep 03 2013, 10:42 am

We saw our lawyer at 5pm and were probably out of there by 6.

Mazel tov!!!

causemommysaid

Tue, Sep 03 2013, 5:44 pm

Our closing took an hour tops.

We did everything beforehand though. all paperwork, proof, certified docs, money, mortgage papers etc.

basically we showed up with a check, seller showed up with the keys, we all signed a million papers, shook hands and left.

causemommysaid

Tue, Sep 03 2013, 5:46 pm

amother wrote:

Op here
Thanks all. Just trying to figure out taking off from work. I guess I should plan on at least half a day, possibly a whole day.

our lawyer was willing to do 8 am so I was at work by 9:30