Closing
You have found the property you want, your offer is accepted, a purchase agreement has been executed, and your earnest money is in escrow. Closing, or “settlement” as it is sometimes called, is the final step in your home-buying transaction. Closing will in most cases occur 30-60 days from the date of your offer (or ‘acceptance’ of your offer).
What happens during the closing?
The title company closing agent (‘escrow officer’) will review the HUD-1 settlement statement with you and have you acknowledge (sign) the form indicating your understanding and acceptance of all figures, including prorations.
You as buyer (or possibly as seller) will give your escrow officer certified checks or wire instructions for any closing costs due.
The escrow officer will review with you and have you sign any and all remaining documents that are part of the closing process (in a buyers case, all the documents relating to the mortgage and note, for example).
The lender will either have already wired mortgage funds to close prior to closing (known as ‘table’ or ‘simultaneous funding’), or the lender will review the executed documents, then will fund, usually no more than 24 hours from signing.
If buying, the seller will sign, and the title company will record, the warranty deed, conveying the property, to you.
All documents will be recorded at the county courthouse (in Santa Fe, this generally occurs twice a day- once in the morning and once in the afternoon)
All the funds are dispersed and you now own your own property in New Mexico!
As experts in the process, your Barker representative will help facilitate a successful closing by working closely with the other broker, your lender, and the title company. He or she will manage the paperwork, monitor deadlines, estimate and review closing costs, and generally pave the way for a closing that is simple, straightforward, and trouble-free.