Closing FAQs

Q. Why can't I find out how much exactly to bring to Closing until the day before or the day of Closing?
A. We obtain the “bottom line” figure from Title Company. The title company typically prepares figures after it has received necessary figures from the Seller’s attorney, Buyer’s attorney, real estate agents and the buyer’s lender.
Q. What are the delays that cause me to have to wait for this number?
A. Due to the volume of real estate closings nationwide, most lenders delay sending their paperwork to the Title company until the afternoon before or the morning of a closing.
Q. Why is the cashier’s check at Closing made payable to me?
A. First, in the event the transaction does not close on the day scheduled, you may redeposit your check without a problem. Second, due to the infinite number of title companies in the city, one may mistakenly give the incorrect Title company name as the closing location. If you show up with a check made payable to ABC Title Company and the Closing is at XYZ Title Company, your check will not be honored.
Q. Why do I need a cashier’s check? Can I just bring a checkbook and sign a personal check?
A. No. Title Companies will not accept personal checks. Since the funds are immediately disbursed following closing, title companies need to ensure that all funds are available. Funds must be in the form of a certified check, cashier’s check or wire transfer. However, you should still bring a personal checkbook to Closing. The title company will permit a personal check in the event that the actual numbers are slightly higher than the amount of your cashier check.
Q. I need to have an approximate amount of the Closing Costs in advance of the day before Closing. What can I do to calculate this?
A. Matt will work with your lender to compute an estimate.
Q. What if I bring too much money to Closing? Will I get it back?
A. Yes. The Title Company will cut you a check at the completion of the Closing.