The Closing
If you are a first-time buyer or buying your first Wichita, KS area home, you may not be familiar with the process. Below is a general timeline of how we'll go from Start to End. As you click on each section, you'll learn more about how each step of the process can work. If you have a question about any step or how it applies to you, feel free to Email Me your question!
Who - Most times, the buyers, sellers, and all real estate agents involved attend the closing. Often, the loan officer will attend. There will also be a closer - a representative of the closing company that actually performs that magical act we call "closing." They create the other wonderful document called the "HUD" or "Settlement Statement" - a fancy name for the form that details all the charges in the transaction and tallies up who owes what or receives what at closing.
What happens- The Closing is the appointment in which we all get together and perform what we agreed to do. You, the buyer, sign a kazillion and a half documents to actually take out the mortgage, accept the deed, sign off on the charges, and then wait. The seller will then go in and sign off on all their documents, including the deed transfer over to you. Afterwards, we usually mingle and chat while waiting for the title company to obtain the wire from the lender with the actual mortgage funds, make copies of all that was signed, and disperse any monies needing to go to the parties.
When - The closing date is determined on the contract. It will need to be on a business day and non-bank holiday. As far as timing, we try to find a time of day that works best for everyone, but with today's hectic schedules, we do often find ourselves with the buyers signing at one time and the sellers at another. Occasionally one party may need to sign days in advance if they cannot attend the day/time for the closing.
Where - Most of the time, the closing happens at the title company that was indicated in the Contract to perform the titlework. Most have locations scattered around the city, so we generally pick one closest to the property. Some banks close their loans in-office, most notably Capitol Federal. In that instance, we all attend the branch the loan officer indicates and perform the closing there.
The closing is where everything happens - you hand over your money and sign for the bank's money and obtain keys to a property! There's a few things they want you to hand on hand to do this:
- Valid state-issued photo ID - most use their driver's license. It must be current, not expired. This is to prove that you are who you said you were before they hand you keys and a loan!
- Money - if you have down payment or closing costs that you are paying, this is when that all comes due. Before closing you should get a "final number" from the loan officer or myself to tell you what you will need to bring to the closing. This needs to be a money order or cashier's check from your bank made out to the closing company.
- A good writing hand - you will be signing a stack of papers thicker than your arm. Be prepared to write your name a hundred times, in ways you don't usually write it, and the date will be etched into your brain before you are done.
Here we are - the part you care about! 
At the closing, but generally after the loan has funded (thereby the seller getting their money!), you will be handed the keys to your new home! Sometimes you get just one and the rest have been left at the home on YOUR new counter and sometimes they hand you a big wad of keys and garage door openers right there!
The listing agent will either have removed their sign and lockbox from the property by now or they will do so in the next day or two.
When you entered into contract, there was a difference between closing date and possession date. Most of the time you get possession the day of closing, but it's not uncommon to have the seller stay longer - particularly if they are moving up into an occupied home and must wait for that seller to move first. If you are closing a home and allowing the seller to stay an extra day or two, you'll trade numbers at closing and as soon as they are out, you should get a call to let you know you can move in! Otherwise, the contract should have specified a day AND time for possession, and you'll be free to move your belongings in at that time!
We always recommend that you change the locks to your home first thing. You never know how many keys are floating around out there (still have the key to YOUR parents house?). It's generally easy enough for the handy. You can also call a key company out to just rekey the existing lock to get a new key.
Congratulations on YOUR new HOME!
