FAQs about Closing

We know that navigating the final steps of purchasing a home can be complex, so we've compiled a list of frequently asked questions to help you close with confidence.

when will i get my House keys?

Keys can only be released to you once the following conditions have been met:

• All closing documents have been signed and received by the title company
• The title company has your funds
• The title company has approval from the lender to use the funds

Depending on your lender, approval to use the funds may not be immediate. Choosing one of Omega's preferred lenders can expedite this process. In most cases, the preferred lenders have approvals in place to ensure that the keys are handed over to the buyer right at the closing table.

For cash closings, the keys are released immediately once the signed documents and funds are received by the title company.

Who needs to attend closing?

• Buyers are those listed on the home contract
• Borrowers are those listed on the loan

 Closing on your home is an exciting milestone that should be celebrated, so Centraland Title welcomes Realtors, parents, family members, and even pets at your closing appointment!

What if i cannot attend closing?

Inform Omega's Closing Coordinator as soon as possible. There are several options available if you are not able to attend in person:

• Remote online notary
• Emailed or mailed documents
• Documents signed with a mobile notary near you

Each option has its own cost and timeframe, so it is best to determine early which option is right for you. Centraland Title works with out-of-town clients often and will help you make the best decision to avoid stress when signing day arrives.

What should i bring to closing?

You will need a valid, government-issued, photo ID and your funds in the form of a cashier's check or you must have already wired your funds prior to closing.

• Valid forms of ID include drivers license or passport
• Invalid forms of ID may include an employer ID, military ID, matricula card, gym membership, or any ID that is expired

How long will closing take?

While 1 hour is allotted for your appointment time, it rarely takes that long. Cash closings usually take 15 minutes, while loan closings take around 30-45 minutes. It is recommended to take one full hour off work. Rest assured you will have all the time you need to understand your documents and ask questions.

How should i bring my money?

The Texas Department of Insurance requires that all funds for closing be provided in the form of a cashier's check or wire transfer. 

• A cashier's check is a special type of check that you must get directly from the bank where your funds are held. The check must be made out to your title company.
  
  
• A wire is an electronic transfer of funds from your bank account directly to the title company. It is important to stay safe and avoid fraud, which is why wire transfers require specific instructions provided via encrypted email from your title company. The timeframe for your wire to complete depends on your bank. It can take a few hours to a few days. Check with your bank to confirm their process well in advance so your money reaches the title company before your closing. Delayed wire transfers will delay your receiving keys to your new home.

What is title insurance and why do i need it?

Title insurance is a special insurance coverage for the real estate transaction that protects your ownership of the property. It can protect against things like unpaid taxes, liens you may not know about, and fraudulent transactions from sellers that do not own the property. The premium for this insurance is paid only one time at closing, but the coverage lasts for as long as the buyer owns the property.

what can i do to avoid rescheduling?

Here are some best practices to help you achieve the designated closing date:

• Provide all requested documentation to the lender as soon as possible
• Confirm that your ID is valid and appropriate for closing
• Determine early how your funds will be provided and speak with your bank about processing times
• Inform Omega immediately if any issues arise that could delay closing
• Request time off work as soon as you know the day and time of your appointment
• Ask questions if you have concerns about any part of the process

If you have any questions or are unsure about any step of the closing process,
reach out to Centraland Title:

Samantha Marrs
smarrs@centralandtitle.com
Phone: 254-771-1346  ext: 178
Direct: 254-410-0014
www.CentralandTitle.com

Featured Expert

Samantha Marrs, an Escrow Officer at Centraland Title, brings over 25 years of expertise in the title industry. Collaborating closely with Omega, she ensures smooth and timely closings, handling most of Omega's closing appointments for homes in Temple, TX, and the surrounding areas.