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These are answers to a typical Michigan closing in my experience. Of course there are always variances. Always check with your title agent and/or your real estate agent so that you are properly prepared!
1. Who needs to be at closing?
Answer: Whomever is selling or buying the house needs to be there to sign the documents. Anyone on the deed needs to be there. Other options are personal representatives and someone that has a power of attorney. You may also have the option of pre-signing the closing documents. Be aware that some of them will require the signatures to be notarized. (If this is an option that you need to utilize, make sure that the closing agent is aware that you will be pre-signing ahead of time). All documents are prepared financially to close on that date. Interest, taxes, and other items are considered by the date of closing. If it doesn't happen when scheduled, it will need to be rescheduled, and all of the documents may need to be recalculated and reprinted.
2. Where does the closing take place?
Answer: The closing will normally take place at the title company or real estate office. These areas are most convenient because there is plenty of room to allow for many people in a room and access to space to allow for signing of many documents. Also, typically there needs to be access to a copy machine to have copies for all parties involved. Some closing agents will offer electronic files of your closing documents if that is better for you.
3. How long does the closing last?
Answer: A typical mortgage closing will take approximately a hour. A closing can be delayed if the signing parties are late, if there are problems with the closing documents, and/or if the wire has not been received from either the buyer's lender, the buyer's contributions or the seller's contributions, if that is the case. There has also been issues at closing resulting from problems discovered during the final walk through before closing. Sometimes these items can delay or even kill the purchase completely.
If the purchaser is buying with cash, a typical cash closing takes about a half hour or less. The purchaser does not need to sign any mortgage documents at closing.
Sometimes a closing can close in escrow until a delay can get resolved. This usually happens when either the money or documents have not been received. Not always an option though. Nothing is official until the documents are all signed, the keys are transferred and the closing agent says, "congratulations on your new home!"
4. What do I need to bring to closing?
Answer: You definitely need to bring a valid photo identification. It cannot be expired. This may delay your closing. You may also need to bring some supporting documents for example; original copy of a death certificate, original certificate of trust, repair receipts, final water bill, green card, etc. You should know this way ahead of closing day so that you are not surprised with having to bring these items. Your title company/real estate agent should be informing you in plenty of time. If you are ever unsure, just ask.
5. What am I signing at closing?
Answer: Prior to closing, you should receive a copy of all the documents that you will be signing at closing. Ask your questions prior to closing if you don't understand anything. Your closing representative will most likely be summarizing each document that you are signing. Your real estate agent should be able to help at closing too if they are in attendance. Hopefully you are prepared before closing day. You will be signing title documents, real estate documents and mortgage documents if you are getting a loan. Being prepared will help your closing day go smoother.
6. Do I own the home at closing?
Answer: If all of the documents are signed at closing, and all of the funds needed for the sale are in, you should be the proud owner of your new home!
7. Do I get the keys at closing?
Answer: This all depends on your purchase agreement. If you agreed to get occupancy at closing, you should get the keys at closing. If you've agreed to offer occupancy to the sellers after closing, make sure that you understand how long that is, and what happens from closing until then. So many things can happen in that time period. If there are issues, you may have to consult an attorney to resolve them.
8. Do we have to close on the closing date in our purchase agreement?
Answer: This answer depends on your purchase agreement. It says exactly if you need to close on that day, during a date period, or even before that date if everyone is ready to close. Your purchase agreement is actually a contract, so the terms of your contract should be adhered to. I have seen an addendum drawn up to extend the closing date if it is needed and if all parties agree to it.
HAPPY CLOSING DAY!!!