On the day of closing, buyers and sellers are juggling a million different things. Oftentimes, they are trying to manage a move, deal with the stress of closing, along with a whole slew of other details. Not to mention, buyers and sellers often have to get all this all completed in just one day.
This is why, as a Knoxville title company, we commonly receive the question, “How long will closing take?”
In this post, we’ll take a closer look at how long closing will take and what you can do to make closing on your Knoxville home more efficient.
How Long Does Closing Take?
Under the new guidelines set forth by the Consumer Financial Protection Bureau, Title Group strives to protect the privacy of all of our clients at closing. This is why we stagger our closings, allotting buyers and sellers their own time to sign off on closing documents. Buyers will typically be scheduled first, then sellers will show up half an hour later. Overall, closing will take about an hour. This allows both buyer and seller to have the proper time to review their closing documents.
Still, there are certain times where closing does take longer. If there are issues with the final walk-through or funding conditions from the buyer’s lender, there are times where closing can take longer. At Title Group, we do our very best to make sure closings are efficient and smooth.
Tips For A More Efficient Closing
Here are a few things you can do to ensure that your closing goes smoothly.
Be Sure To Bring Proper Identification
To ensure a smooth closing, it’s important to make sure you show up to closing with the proper identification. Doing so will prevent you from having to frantically run home on your closing day. Generally, only one form of identification is required for closing. But, there are some lenders that require two, so it’s best to bring two, just in case.
At closing, you’ll be required to show a government issued form of identification. Here are a few examples of acceptable forms of identification in this category:
- Driver’s License
- State Issued ID Card
- Passport
- Foreign ID Card
- Military ID
- Social Security Card
In addition, if a secondary form of identification is needed, you’ll need to present a form of identification that has your name on it. Here are a few examples of acceptable forms of identification in this category:
- Property Tax Bill
- Utility Bill
- Recent W-2
- Voter Registration Card
- Insurance Card
If you’re unsure about if a form of identification is acceptable, be sure to check with us or your mortgage lender prior to closing.
Be Sure To Bring Closing Funds In The Proper Form
Another thing that can delay closing is when a buyer or seller brings closing funds in an improper form.
On the actual closing day, we will be disbursing on many different items including payoffs, proceeds, and realtor commission checks. It is essential that all funds for closing are “good” on the day of closing, which means closing funds are able to clear our escrow account on the the same day. In certain situations, cashier’s checks and personal checks can take up a few business days to clear, which why in certain cases we require wires.
In order to make things easier on you, here is our policy for closing funds:
- Personal checks are acceptable for amounts below $500.
- Cashier’s checks or certified closing funds are acceptable for amounts below $50,000.
- Wires are required for all closing funds of $50,000 and greater.
- Wires are required are on all cash transactions.
- If you’re closing on another home with another title company before your purchase, you’ll want to contact us about having that title company wire us your proceeds.
If you have any questions on our policy about closing funds, do not hesitate to contact us.
Also, keep in mind, if you’re coming from out of town, you may want to make arrangements for closing funds prior to leaving. Either get closing funds prior to leaving town or make sure you have a way of getting closing funds in Knoxville. You don’t want to be scrambling at the last minute to get closing funds because you forgot to make arrangements in advance.
Review Your Closing Disclosure Or Settlement Statement Prior To Closing
It’s important that you review your closing disclosure (CD) prior to coming to closing. This will ensure that any issues are addressed in advance.
If you’re a buyer getting a loan, you’ll receive a copy of your CD at least 3 business days prior to closing. Or, if you’re paying cash, you’ll receive a copy of your settlement statement from us a few days prior to closing. Sellers will receive a copy of their closing disclosure or settlement statement from us a few days prior to closing.
Closings go much smoother when all parties have reviewed their figures prior to closing.
Request Documents Prior To Closing (If Necessary)
We typically allot just an hour for both buyer and seller to sign off on closing documents, especially on busy days where we have back to back closings. This doesn’t necessarily allow enough time for you to review each and every document in detail.
If you would like to review documents in detail prior to closing, we’re more than happy to make those arrangements for you and get you closing documents in advance. This will allow you sufficient time to review documents in prior to closing. If there is a lender involved in the transaction, we will do our best to request a closing package from your lender.
If you feel that you would need documents in advance, please be sure to let us know as soon as possible so we can make the necessary arrangements.
Are you in the process of buying or selling a home in the Knoxville area? Title Group would love to assist you in any way possible. You can reach us at 865-392-5801 or via email at orders@titlegroupoftn.com.
Title Group of Tennessee is a full service Knoxville title company. We specialize in Knox, Sevier, Loudon, Blount, Jefferson, and surrounding counties. Title Group of Tennessee is ALTA Best Practices Certified since September 30, 2015.