What do I need to bring to the closing?

A. The BUYER needs to bring:

• Form of identification that contains the individual's name, picture, and signature. Examples: driver's license, MI state identification card, military ID, passport.
• Homeowner's insurance: The buyer will need to bring a copy of the declarations page of their home owner's policy (not the entire policy itself) and a paid receipt that the first year's premium has been paid. You should bring this even though you have already provided it to your loan officer or your insurance agent says that they will fax it.
• Your checkbook: In today's quick paced financial environment, the bottom line numbers are changing just before closing or even at closing. Bring extra money to cover miscellaneous expenses that were added at the last minute.
• Any other item that you have been told to bring. You should check with your loan officer and title agent to see if you are required to bring any other items with you to closing. Examples are: pay stubs, social security cards, proof of prior home sale.

B. The SELLER needs to bring:

• Form of identification that contains the individual's name, picture, and signature. Examples: driver's license, MI state identification card, military ID, passport.
• Any documents that the title agent requires you to bring. Examples: death certificates, power of attorney forms, trust agreements, etc. Most documents will need to be the original documents. Check with your title agent, your real estate agent, or your attorney to see what documents you need to bring.
• Check book: In today's quick paced financial environment, the bottom line numbers are changing just before closing or even at closing. Bring extra money to cover miscellaneous expenses that were added at the last minute.
• Please note: Typically sellers do not have to bring in cash to closing and any costs that the seller is required to pay are deducted from their proceeds.

Can I use a signature stamp?

No, all signatures must be original.

What type of funds does Corey Title accept?

At closing, any party that is required to bring money to the closing will need to bring it in the form of a cashier's check, certified check, or money order. Corey Title does not accept credit cards, debit cards, or travelers' checks. In most cases personal checks will be accepted at closing for amounts under $200.

Who pays for the title insurance?

Please see our chart.

Who arranges the closing date, time, and place?

Typically, the seller's agent will schedule the closing by coordinating with the title agent, other realtors, and the lender.

Where does the closing take place?

Typically, the closing will take place at either the title agent's office, the buyer's or seller's real estate agent's office, or if a mortgage is involved, at the mortgage company's office.

Can the closing take place at the property?

We prefer not to close at the property or in someone's home because the closer will need to make photocopies of documents, possibly send and receive faxes and emails, and access the internet. Exceptions may be granted based on a limited basis due to extreme circumstances.

Who prepares the paperwork?

The title company prepares the documents under the supervision and at the direction of the responsible broker or the attorneys. The buyers' mortgage lender will prepare all of the loan documents.

Who do I call to find out how much money I need to bring to the closing?

Prior to closing, the title agent and the lender will be communicating with each other to prepare the "bottom-line" figure that the buyer will need to bring to closing. The buyer will need to contact the buyer's loan officer first and then the title agency.

How long does the closing take?

Typically, a closing will take about an hour depending on the volume of paperwork required by the lender.

Are the buyer and seller in the same room?

At Corey Title, when the buyers are utilizing a mortgage to finance the purchase, we like to close out the buyers first. This allows the buyers privacy so that they can ask questions about the loan without feeling pressure by having the sellers in the room. It also assures the buyers' financial privacy as well as certain mortgage documents contain information about the buyers' financial condition. Then the sellers will be brought into the room to close the remainder of the transaction. The sellers can also request that they be closed separately from the buyers.

When do I get to see the documents that I'll be signing at closing?

In today's real estate market, things are happening rapidly and in 90% of transactions, the parties are getting the necessary information just a few days before a closing is scheduled to take place. While Corey Title will make every effort to make documents available as soon as possible, we cannot guarantee that every document will be ready for review before closing.

Typically, the lender will send the title agency the loan documents either the day before or the day of closing. So the first time a buyer gets to see the documents is typically at closing. If the buyers would like to see their loan documents ahead of time, you should contact your loan officer at least three or more days prior to closing. However, for the other documents that both parties will be executing at closing, the majority of the documents can be viewed online at Corey Title's website using the paperless closing system. You will be able to print off documents from your own printer. If you wish to have copies sent directly to you, you may request them by calling our office.

Should I have an attorney at the closing?

YES. While Corey Title is owned and operated by attorneys, Corey Title does NOT provide legal representation to any of the parties involved in the transaction. Even though an attorney may be performing the closing, their role is NOT to be either parties' legal representative. They are there to make sure that the lender's requirements and the title agency's requirements are met. We highly recommend that both the sellers and buyers be represented by their own attorneys throughout the real estate transaction. At a minimum, we recommend that you have the real estate documents reviewed by an attorney. Your real estate agent, loan officer, or Corey Title can recommend an attorney to assist you in the transaction.

What is the "occupancy escrow" and how does it work?

Sometimes the purchase agreement contains a provision where the seller will get to remain in the home after the closing takes place, but the seller agrees to pay the buyers for this. The purchase agreement should set forth a method for calculating this amount (i.e., $45 per day) and how many days the seller will be allowed to stay past closing (i.e., 45 days). At closing, Corey Title will withhold the total amount of money for the occupancy escrow from the seller's proceeds. The seller does not have to write a check to the purchaser at the time of closing. At closing, the parties will execute a separate occupancy escrow form that sets out when and how the money will be divided when the sellers turns over possession to the buyers.

How can I get copies of the documents that I signed at the closing?

At the end of the closing, the closer will give the parties a copy of all of the documents that the party signed at the closing. If the a mortgage was executed at closing, the closer will give unsigned and unnotarized copies of the mortgage documents to the borrower. If you lose your copies after closing and need an additional set or a copy of one document, we will be happy to provide it for you. However, you must request the copies by sending us a written request signed by you. To protect your privacy, we will only fax or mail the documents directly to you and then you can direct the copy to whoever you want.

If you have any questions that are not answered on this page or on our site, please contact us.