How buyers and sellers can prepare for the closing table

Key insights:

• Buyers and sellers are required to bring unique documents to the closing table. Prepare in advance to ensure you’ve organized everything you need for the big day.
• Communicate with your REALTOR® throughout the closing process; they will be your biggest advocate during the buying or selling process.
• When the closing process is complete, the buyer leaves with the keys to their new home and the seller earns the net profits of the property sale.

After an offer to purchase a property has been accepted and the negotiations have been finalized, a closing date is set. The closing date is typically scheduled 30 to 90 days after the final offer is accepted. This selected date indicates when you need to move, so you’d better start packing! Here are insights you can use for a smooth closing process.

What happens at the closing table?

Edina Realty Title’s closing process has been updated to incorporate safety precautions to prevent the spread of COVID-19. In most cases, closings for buyers and sellers will be performed separately with only an Edina Realty Title closer in attendance, and they will be facilitated from behind a sanitary plexiglass screen. Additional precautions include adherence to facemask mandates, frequent cleaning of high-touch areas, and a short health screening checklist. Curbside closings are also available, and sellers have options to pre-sign their documents or close virtually via remote online notary (where available). At the conclusion, the homebuyer walks away with keys to their new home and the seller leaves with the net proceeds of the home sale.

Here’s a more specific overview of what happens at the closing table:

• Final lender requirements will be met.
• Final Settlement Statement will be reviewed and signed.
• Closing documents will be reviewed, signed and notarized.
• Owner's title insurance may be purchased.
• Funds will be collected and disbursed via a cashier’s check.
• The deed is submitted, recorded with the county and sent to the buyer.
• A plan for the buyer to obtain keys, garage door openers, utility information, manuals and other essential property details.

What buyers should bring to the closing table:

Your Realtor or title company may have slightly different requirements at closing, but typically buyers should bring:

• A valid photo ID
• Social security number
• A cashier’s check (for the amount specified in the most recent Closing Disclosure form you received from your loan officer or lender)
• A checkbook (in case of other charges)
• New homeowners/hazard insurance binder and paid receipt if not previously provided to your lender (Learn about Edina Realty Insurance.)

Learn more about the closing process in our Go-to Guide for Buying a Home.

Must-save documents for buyers:

Keeping a copy of important documents will help you maintain accurate records and stay up-to-date for tax purposes. Here are the pertinent documents that buyers should hold onto after closing on a property:

• Your first payment letter
• The payment coupon containing details of when and where your first payment should be mailed, if applicable
• A copy of your loan closing package
• Closing Disclosure (CD)
• Form 1098, sent annually in January from your mortgage servicer
• Costs of energy-efficient updates

What sellers should bring to the closing table:

As you might expect, sellers have a shorter list of must-haves at the closing table. Be sure to bring:

• A valid photo ID
• Social security number
• Make arrangements with your agent for how the buyer can access all keys, garage door openers and codes, alarm system combinations and manuals.

Learn more about the closing process in our Ultimate Guide to Selling Your Home.

A note about cyber-security:

Edina Realty Home Services has invested in a number of security measures in order to help protect your assets and prevent fraud throughout your home sale or purchase. We will never use email to request or transfer funds. Instead, your closing documents and information will appear within our secure Edina Realty Title Exchange online portal. You should never wire funds to any party without first verifying the request.

Have more questions about the closing process?

Whether you’re buying or selling, the closing table checks off the final box of your home transaction. Looking for extra support before this significant day? Reach out to Edina Realty or one of our agents for answers to your closing questions, seven days a week.