Home Buyers & Sellers: What to expect at settlement (“closing”)

Home Buyers & Sellers: What to expect at settlement ("closing")



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If a person is buying or selling a home, it’s a good idea to understand what is going to happen on the closing day. In the state of Utah we use Title Companies. What most people refer to as “closing” is actually called “settlement” for us. Closing occurs after the buyers loan proceed is transferred to title, they pay off all the debt, convey ownership from the seller to buyer, and record everything with the county. One should come to settlement with a personal ID, plan about an hour of time and be ready to sign one’s name a lot.

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Rise Utah Realty
(801) 921-6771
RiseUtah.com
1177 800 E, Orem, UT 84097

Transcription:
David
Today I want to take you through the closing process. We call that settlement. In Utah. The day of signing your documents whether you’re a buyer or a seller. I want to. I wanted you to see what it was like. To come to a title company. Where we do that. Today I’m at Access Title. I’m going to go on here we’re going to meet Dan Hall, he’s the president of Access Title. He’s going to kind of Show us what he does and what to expect when You come to closing. Hey Dan how are you doing. Good to see you. See you as well. Thanks for meeting with me. I really appreciate it. So I’m here because all my clients want to know what to expect when they come to title. So whether you’re a buyer or a seller could you just Walk us through your office and tell us what to expect.

Dan
So when you come for your closing you’re going to come in through the doors here obviously. Our. Awesome staff over here is going to welcome you to the office and. Ask you if you’d like to have a drink and have you say we’re not quite ready for your closing.

David
Are you talking about alcohol not alcohol?

Dan
OK. So like soda water. Yeah yeah. Caffeinated, no caffeinated they are going to sign a lot of documents. OK I want to make sure you have your energy up and we have sugar in there as well. So we’re ready to go right with the closing which we typically are going to get here so we can or will have. Directly come into our cozy room if not we’ll have to sit out here for a couple minutes while we’re getting documents ready. And then once the documents are ready we welcome you in here from our closing room. You come in here have a seat over here. Have yourself a cold drink.

David
Can I Sit down?

Dan
Yes absolutely. Sit down. David usually sits here and we’ll have you sit right over here across from me. That way you’ll be able to see the documents very easily and I will get you some pens over here and then we’ll get your documents out. Now typically on a selling side. The package is quite small. So this is not the size of the package. That will be signed on seller side. This is the type size of a package that we sign on the buyer side. Can you see a big difference here. Seller side you get money. buyer side you’re paying money. Some more to Sign. Most of these documents are provided by the lender.

David
So have you ever counted. How many signatures they have to do?

Dan
Most lenders to about 45 to 50 signatures.

David
Is that for On a conventional loan?

Dan
On a VA loan that is going to be probably eight more documents and that will be around 58 signatures. Looks like it’s on the sell side. Three percent of the yes sell side you’re going to be eight signatures. That’s done. So good things to have with you when you come to closing is two forms of ID. Most lenders want to have two forms of ID some lenders will only. Need one. Sort of I.D. now I.D. needs to be a driver’s license. Passport. Those two items are. We can notarize or something. We cannot notarize off of is a driving privlige card. That Is provided by the state of Utah. We cannot notarize of that. So we do need to either have there a passport. Or a driver’s license now it doesn’t have to be a U.S. passport it can be country’s. Passport. We can. Authorize. Legitimate passport.

RISE Utah Realty

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