The closing is the final piece when you buy a home in Minnesota. It usually happens at a title company office, or possibly in the realtor's office. When the closing is done, you own a home and your keys to the door!!
I've had all kinds of questions about closings. The one I remember the most is from a first time homebuyer class I taught years ago – they wanted to know who was going to watch their children when they were at closing since it was going to last about eight hours! I told them that if they had an eight hour closing, there were some major problems! Typically a closing will last about an hour. You can bring your children with if you want, but you may want to see if you can get someone to watch them so you can concentrate on the documents you are signing.
Your closing is scheduled on the date that the purchase agreement says you are going to close by. Usually your realtor will check to see what time works best for you and if there is a location choice, what office is best for you. If you are selling a home first, the buyer of your home will typically choose the closing location for the sale of your home. I try to remind people to avoid the last Friday of the month and the last day of the month – those two days tend to be very busy at title companies and you may feel very rushed at your closing. There may also be delays in getting the mortgage paperwork to the title company – or there may be closings scheduled before yours that go longer than expected. A closing in the middle of the week may give you more time and a more relaxed atmosphere!
You will need to bring your picture ID – typically a driver's license. Your loan officer will let you know how much money you need to bring to closing. Depending on the dollar amount, you may need to wire funds to the title company or you may need a cashier's check made out to the title company. Typically if it's under $1000, you can write a personal check. If you need to wire funds to the title company, make sure you get wire instructions and you may want to wire the money the day before closing.
There may be some requirements that you need to bring to closing, if so, your loan officer will let you know about it. If you are selling your home before closing, you will need to bring a copy of the settlement statement to your next closing to show that your home is sold. Sometimes you need some gift documentation or possibly a first time homebuyer class certificate.
Usually your realtor and loan officer are at your closing. Your loan officer doesn't need to be there, but I always try to go- I want to be there if there are any questions! If you have any questions on your closing, ask your realtor or your loan officer. Your closing should be a good experience – you will sign your name many times, but you walk out with a new home!