Closing Day

A closing is the official meeting where the final documents are signed to transfer title from the seller to the buyer.

Preparing for Closing

Before the final documents can be signed to officially transfer title from the seller to the buyer, all the special pre-closing conditions of your Final Commitment Letter must be approved and satisfied. Your Mortgage Closer works with a variety of parties (you and your attorney, your seller and their attorney, etc.) to coordinate the many details needed to insure your closing goes smoothly. Once these details are in order, a specific date and time for your closing will be scheduled.

Here are some of the people involved in preparing for your closing and what each of their roles is:

Seller's Attorney:

1. Redates the abstract and map and prepares the proposed deed.
2. Resolves any title issues that surfaced during the abstract redate.
3. Determines the seller's mortgages to be paid.
4. Sends papers to your attorney.

Your Attorney:

1. Reviews your final commitment letter for special requirements and works with you to get them met.
2. Reviews all papers received from the seller's attorney for accuracy.
3. Obtains a title insurance binder and resolves title issues with the seller's attorney.
4. Arranges with ESL, the seller's attorney and you for the date and time of the closing.
5. Just prior to closing, calculates the final cash you will need to close and gives you instructions for closing.

ESL Mortgage Closer:

1. Reviews all documents provided by your attorney.
2. Provides final closing documents including the mortgage and note, HUD-1 closing statement and other ESL documents.
3. Prepares final ESL closing costs/cash needed.
4. Schedules your closing day when the conditions of your commitment letter have been satisfied and you are cleared to close.

You:

1. Meet any special conditions or requirements listed in the Final Commitment Letter.
2. Discuss the closing with your attorney.
3. Alert your insurance agent that you need homeowner's insurance effective the date of the closing.
4. Get the final closing costs the day before your closing from your attorney.
5. Bring the money to closing in a bank check (not a personal check) and your checkbook for small items.

So what goes on at a Mortgage Closing?

1. You, your attorney, the seller's attorney and an ESL paralegal meet at ESL.
2. Legal documents are signed, including the ESL mortgage and note.
3. Checks are given to the seller's attorney: your bank check, an ESL mortgage check, possibly a personal check from you for small items.
4. Copies of all signed documents are provided for future reference.
5. You get the keys to your new home and can move in.

That's all there is to it. Good Luck in your new home from all of us at ESL.

Questions about an ESL Mortgage? Call an ESL Mortgage Origination Counselor at 585.336.1502 or 800.352.6669. Or submit a request on line and we'll call you back!