Closing Table

What you need to bring to the Closing Table

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It is always our goal to get to the closing table as seamlessly as possible; however, there are some things that can go on in the background that may be overlooked but that are very important to the process.  We will go over a few of those items/situations.

Photo ID:

You will need a valid, non-expired, government issued photo ID.  This can be a driver license, a passport, a Resident Legal Alien Card, a military ID (with the chip covered for photocopy purposed), etc.  This photo ID will need to reflect your current legal name and should match with at least the first and last name as what is on the closing documents.

If you have recently just gotten married, changed your name, and are still waiting for the updated driver license in the mail, we can still use your married name provided that you have a current photo ID of your maiden name, and then a marriage certificate and ideally the Social Security Card.  

Cash to Close:

This is the figure that will need to be collected at closing.  The cash to close is the debits associated with the real estate transaction (purchase price, pro-rations on taxes, assessments, debt paydowns, etc.) with the credits (Earnest money deposit, seller credits, pro-rations for taxes, assessments) backed out.  These funds can be collected via a wire or certified funds (cashier’s check or certified check). 

If you opt to wire your funds, wiring them in advance of the closing is preferable.  Your assigned paralegal should be able to provide you the wiring instructions.  If you are opting to get certified funds, you can make the check payable to Hanger Law.    

There are times where it is not always possible to get the exact amount of the cash to close figure before you go to the bank to get funds because you may be traveling to the closing, your bank may be local to your area, which is not local to Hampton Roads, etc.  If this is the case, it is preferred that you err on the side of more than less.  Any money you bring in excess of the cash to close will be given back to you in the form of a check after the documents have been recorded with the court.

Debt Paydowns:

This one sometimes stumps buyers.  If, as part of your loan, a debt paydown is required, there are some steps associated with this.

Let’s say as a condition of your loan you are required to pay off the balance of your credit card through XYZ bank.  There will be a line item on your closing disclosure with the debt paydown amount, that check will be cut and will be made payable to XYZ bank in the amount reflected on the Closing Disclosure.  That debt paydown check is then ready for you.  We can either leave it at our front desk for your pick up OR we can mail you the check. 

Regardless of your choice, it will be your responsibility to get the check to the creditor.  We do not send out debt paydown checks.  The reason for this is because there have been many times that those checks have been sent back because we do not have the account numbers, because we are not the one in privity of contract wit the creditor, etc. 

Often, by the time we get to the closing table, the buyer has already paid a portion, if not all, of the debt involved in the debt paydown.  If this is the case, the check will still be cut for the amount stated on the closing disclosure, you would submit it to the creditor, and then you would have a credit on your account.  If the debt paydown is part of a loan requirement, we cannot adjust the amount. 

Power of Attorney:

More detail on this is set forth in a separate post, but genreally you will need the original of the power of attorney if the documents are being signed by power of attorney.

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