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Closing on a Home

Your Role, as Buyer

When you, the buyer, close on a property, you’re satisfying every agreement you negotiated with the seller during the purchase-offer negotiation process. At closing, then, you’ll take ownership – and sometimes immediate possession – of the property you legally agreed to buy.

Closings are typically referred to as the “settlement” phase of a home purchase because all open accounts between you, the seller, your lender (if used), and the real-estate service (if used) are settled simultaneously. If your lender is like most, he or she will assign someone to “officiate” the closing for you in order to ensure that the interests of all parties are satisfied.

Expect to sign a slew of documents at closing, which the parties involved exchange. These documents make funds available for you to pay the seller in full any monetary amount you agreed to pay for the property. This amount is still due the seller after you make your down payment. In addition, the documents you’ll sign release money to pay any real estate companies, title companies, or other service providers involved during the negotiation process of the sale. Once the transfer of funds is complete, you can expect the seller to provide a legal deed and clear title to your new property.

Most important of all, closing is your final opportunity as a buyer to make changes to the purchase agreement. Once both you and the seller sign all closing documents, no further changes can be initiated on the contract to purchase the property, and all documents are legally binding.

Preparations

You’re best advised to start preparing for closing no later than the day before the agreed-upon closing date. You’ll need to have gathered any relevant paperwork generated during the negotiation process to which you have access.This paperwork typically includes …

  • Your copy of the signed purchase agreement between you and the seller,
  • The Closing Disclosure provided by your lender, showing the interest rate, mortgage closing costs, and any required mortgage insurance fees included,
  • Your copy of the Title search and Title insurance provided by your title company,
  • Your proof of property insurance coverage – including flood insurance, if necessary, provided by your insurance carrier, and
  • Your copies of the home inspection and any inspection reports and/or estimates if repairs to the property or major appliances were negotiated during the negotiation phase.

Having these documents ready and available beforehand will make the closing go smoothly. You’ll also have more of an opportunity to review them and see that nothing has been overlooked. Should you spot something that needs correcting, you’ll have given yourself sufficient time to notify all parties involved that you wish to move the closing date until the discovered issue is resolved.

Expectations

Generally, your role at closing is to sign your name and record the closing date – over and over, time and again, on a multitude of legal documents. Most of these documents you should have seen before. If you haven’t, though, make sure you read them and fully understand what it is you’re signing. Remember these are legally binding documents – contracts between you and the lender, you and the seller – that’ll hold up in a court of law should disputes later arise. So any cramp you might get in your writing hand from all the signing you’ll do is clearly worth it!

If you negotiated for the seller to pay all closing costs, you’re home free, so to speak. On the other hand, if you owe a negotiated percentage of the closing costs, or if any escrow monies are required by the lender, this money will be expected from you at closing. Similarly, any fees due other parties who’ve provided services and that haven’t been rolled into the monetary amount you mortgaged on the property are also expected at closing.

Attendance

It may surprise you who actually shows up at your closing. In many instances, the seller will not be present. Sellers typically have a real-estate agent or attorney represent them at closing so they don’t have to attend.

Unfortunately, you, as the buyer, don’t have that option. But, then, neither do the lenders involved, nor any title company representatives. Your presence is an absolute necessity, given the substantial number of documents requiring your fresh signature.

Loan officers from both financial institutions, the seller’s and yours, will also be present as they need to make sure monies are transferred correctly and applied correctly to any outstanding mortgages. Your lender officer’s main goal is to make sure your new property is free and clear of any financial liens that anyone may have against it.

You can also expect a representative from the title company at your closing. This representative ensures that the seller’s title is free and clear. Typically, by closing, any and all title investigations will have been completed, and this appearance by the title company is merely a formality.

Receipt of Documents

You signed a lot of documents, and you can expect to depart the closing with a lot of documents in your possession. If common experience offers a clue, your mortgage lender will be the one to provide you with an oversized vinyl envelope to hold this vast amount of paperwork. Keeping it together in one location makes it a lot easier to access when you need it – at tax time, for instance.

Among the documents you’ll receive is a copy of the closing disclosure, which provides in writing the details of the mortgage you secured. You’ll also get a copy of the mortgage note you signed, promising to pay the mortgage amount in full. Beyond that, you’ll be provided with a deed that secures the note and gives your lender a claim against the property should you fail to live up to the note’s terms. If the home you’re buying is newly constructed, you’ll also receive a legal certificate of occupancy, which many states require in order for you to move into such a dwelling.

Post-Closing

When all the documents have been signed and dated, all the handshaking is done, and your new keys have been turned over to you, that’s when you actually assume ownership of the property. If negotiated, you can take immediate possession of it. If, however, the seller negotiated a delay in possession, you still own the property, but the seller becomes a renter – one who’s liable for any damages incurred before he or she moves out and you move in. Should the seller not respond to your wishes as the new owner, citing justifiable cause, you can have the seller evicted from your new property. Any repairs promised by the seller that were not completed by any negotiated time restraints are also just cause for legal action. Mutual post-closing agreements typically include compensation for real property taxes when the exact amounts that could be due are unknown on the closing date, or for certain repairs that couldn’t be made prior to the closing. Funds for the monetary cost of repair or replacement and labor would be available in the post-closing agreement.

A successful close is contingent on a number of things; not least, your understanding of the role you play in bringing it about. Knowing what’s expected of the buyer in the closing process, as described here, should help you better fulfill that role – and get you the home you’ve set your sights on a lot sooner and with a lot less difficulty than you might have expected.

 
 
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This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site. 
 
SIRVA Home Benefits is a tradename used for marketing and is not licensed to conduct business in New York. 
 
1 SIRVA Home Benefits is a brand name of SIRVA Worldwide used to offer a suite of products for homebuying purposes. Mortgage lender (SIRVA Mortgage, Inc.2), SIRVA entity making real estate referral (SIRVA Relocation LLC3), and van lines providing moving services (Allied Van Lines, Inc. and North American Van Lines, Inc.4)  are affiliated entities. You are not required to use all programs in order to receive the benefits but the offer for the mortgage closing cost credit of up to $500 only applies when using a SIRVA program identified lender, the cash back offer only applies when using a SIRVA referred real estate broker, and any discounts on moving services are only applied when using an affiliated van line. SIRVA's Affiliated Business Disclosure (including affiliations and information on estimated charge or range of charged) can be found here. Each program benefit is offered separately. Program benefits are only available through program participants but you are not required to use all programs to receive each separate benefit.
 
SIRVA endeavors to refer real estate brokers and agents, household goods providers and other service providers that provide quality services and products. However, SIRVA and its respective associates, agents, representatives and clients cannot make any representations or warranties as to the fitness and applicability of the referred brokers and agents, household goods providers and other service providers and their service for your particular situation and purpose. SIRVA does not provide a warranty with respect to your particular engagement, relationship and experience with the party referred brokers and agents or their services. You must evaluate the brokers, agents household goods providers and other service providers and their services and make selections and decisions based upon your own best judgment, interest, priorities, and concerns. SIRVA is not providing advice with respect to any selection or decision you may make.  
 
To provide you with better service, SIRVA may collect certain anonymous information on how you use our website(s). To view our Privacy Policy, click here. To view our Cookie Policy, click here.  
 
2 This not an offer of credit. This is not an offer to enter into an interest rate lock-in agreement nor is this notice of loan approval. Mortgage approvals are rendered based on individual credit qualifications. SIRVA Mortgage is engaged in the business of originating residential mortgage loans. We are licensed or authorized to conduct mortgage loan origination in all 50 states plus the District of Columbia. SIRVA Mortgage is not a depository institution and does not act or represent itself as a full-service bank. Reference to the term “mortgage banker” is a common, accepted industry term referring to companies engaged only in the business of making mortgage loans. Various state laws and regulations and our license type(s) in various states refer to us as a mortgage lender, mortgage banker or mortgage broker. For our Privacy Policy and Affiliated business relationships disclosures please visit https://mortgage.sirva.com/about/about-sirva-mortgage. Please see the complete required license disclosure below. Call 800-531-3837 for more information.

For those looking to refinance – even if your refinanced rate or APR is lower, by refinancing your existing loan, your total finance charges may be higher over the life of the refinanced loan.

SIRVA Mortgage, Inc. NMLS ID #2240, for licensing information, go to: www.nmlsconsumeraccess.org. Main Office Address is 6200 Oak Tree Blvd., Ste. 300, Independence, OH 44131; Telephone: 1-800-531-3837. We are licensed by/as (among others): Arizona Licensed Mortgage Banker, License #0901430; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, License #4130944; Georgia Residential Mortgage Licensee #6221; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company, License #MC.0025314; Massachusetts Mortgage Lender, License #ML2240; Nevada Licensed Mortgage Banker, License #1043; Licensed by the N.J. Department of Banking and Insurance; Licensed Mortgage Banker – NYS Banking Department; Oregon Consumer Finance Act license #ML-186; Rhode Island Licensed Lender; Texas Mortgage Banker Registration #2240; WA Consumer Loan Company License #CL-2240.

“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”

Licensed Mortgage Loan Originators’ NMLS IDs are available upon request.
 
3 SIRVA Relocation LLC is a licensed real estate broker. SIRVA Relocation LLC is making the referral as a licensed real estate broker and will refer you to a licensed real estate broker in the selected area that will provide you the real estate services.
 
Real Estate referrals are made by SIRVA Relocation LLC an affiliated business of SIRVA Worldwide and a licensed real estate broker. $500 cash back for every $100,000 only available when using a SIRVA referred real estate agent, the purchase and/or sale price is above $75,000. Program reward amount is based upon at least 6% real estate commission and the participating broker receiving at least one half of commission. If the commission amount or the split is reduced the program reward will be reduced proportionately. To receive the award, customers must close their real estate transaction with a SIRVA-referred real estate agent. Due to state regulations, the award program is not allowed in AK, AL, IA, KS, LA, MO, MS, ND, OK, OR, TN.  Cash back available in NJ on purchases only. Additionally, if you choose to sell your home with a SIRVA-referred broker in these states, the benefit will be provided in the form of a reduced real estate commission. If you are purchasing a home and use a SIRVA-referred broker in these states, and also choose to work with an approved lender for your financing, the approved lender will issue you a credit toward closing costs; in addition to any other closing cost credit provided by your loan program. You may use any lender you choose for your financing, but closing cost credits cannot be issued without utilizing an approved lender. None of these programs are valid for corporate-sponsored relocations or ineligible property types. You should always consult your tax advisor about the tax implications of receiving cash back.
 
Programs can be cancelled or modified at any time without notice. Please go to http://www.sirvahomebenefits.com or call 800-579-2970 to learn more and see how you can get your cash back benefits. You may also contact us at 6200 Oak Tree Blvd., Ste 300, Independence, OH 44131.
 
In the state of New Jersey a purchaser is obligated to pay any applicable taxes for receipt of the real estate cash back rebate and the purchaser should contact a tax professional concerning any possible tax implications of receiving the rebate. 
 
4 SIRVA Moving Services – Moving discount applied to interstate moves. For moving benefit details go to http://www.sirvahomebenefits.com. Local and instate move discounts may vary. This offer applies to household moves between the 48 contiguous states. The interstate moving discount is based on rates in published tariff HGB 400-N (or reissues thereof) in effect on the date of the shipment loads. North American Van Lines MC #107012 U.S. DOT No.070851. Texas intrastate moves are hauled under the authority of North American Van Lines of Texas, LLC TxDMV No 0000009188; Texas DMV Phone No. 1-888-368-4689; Allied Van Lines, Inc. MC #15735 U.S. DOT No.076235. Texas intrastate moves are hauled under the authority of Allied Van Lines, Inc., TxDMV No 0000007143; Texas DMV Phone No. 1-888-368-4689. Programs can be cancelled or modified at any time without notice. Please visit http://sirvahomebenefits.com for additional terms and conditions, including the use of third party services.
 
5  Average customer savings calculation for all relocation benefits is based on a $250,000 home value when using a SIRVA referred agent to buy and/or sell a home. $3,400 total cash back and savings consist of a cash back reward of $2,500 for real estate program (buy & sell), plus $500 mortgage closing cost credit (credit provided only through program lender) and $400 savings on interstate move with our affiliate van line. A combined savings of $3,400. Certain state restrictions apply to the real estate cash back program. Call 866-631-2261 for details and disclosures. Terms and conditions apply. Cash back rewards are available separately on the buy and sell transactions. Offer not available to those with a full service, company paid relocation package.
 
6 If we don’t close on your loan with SIRVA Mortgage the date stated in the purchase contract, due solely to SIRVA Mortgage’s delay when given at least 21 days from lock to close, we will pay you $1,000. Delay penalty does not apply to refinances. 
 
7 Savings calculation based on an average our clients saving more than $45 per month & $23 a month on mortgage insurance on their mortgage payments multiplied by 12 months on a 30 year mortgage. Payment average compared to national average rates published by FHLMC, found at www.freddiemac.com/pmms from 1/1/2015-12/31/2015 with loan amount of $315,142. For a 30 year fixed rate the national average interest rate was 3.84% with a principal and interest payment of $1,475 compared to the SIRVA Mortgage average interest rate of 3.59% with a principal and interest payment of $1,431. Mortgage insurance savings as measured by United Guaranty for the period 1/1-12/31/2015.
 
8 Average percentage of clients who said SIRVA mortgage “exceeded or met expectations” in Customer Satisfaction Surveys since 2008.
 
Important terms and conditions apply to the closing cost credit. Closing cost credit will not exceed borrower’s closing costs, up to $500. Please go to http://www.sirvahomebenefits.com to learn more and see how you can receive a closing cost credit.  
 
Real Estate referrals are made by SIRVA Relocation LLC an affiliated business of SIRVA Mortgage, Inc. and a licensed real estate broker. SIRVA Mortgage, Inc. may receive a financial or other benefit as a result of the affiliated relationship with SIRVA Relocation LLC. Important disclosures apply to the use of affiliated companies. You are not required to use SIRVA Mortgage to receive the cash back benefits. You are not required to use the cash back benefit to apply for or obtain a loan from SIRVA Mortgage. SIRVA’s Affiliated Business Disclosure including rates for the services you may select is found at https://www.sirvahomebenefits.com/affiliatedbusinessarrangements or call for a copy. Please visit http://sirvahomebenefits.com for additional terms and conditions, including the use of third party services.
 
Penske and Apartments.com are independent companies not affiliated with SIRVA or the SIRVA Home Benefits program except for this referral. SIRVA endeavors to refer service providers that provide quality services and products. However, the SIRVA Home Benefits program cannot make any representations or warranties as to the fitness and applicability of the referred service providers and their service for your particular situation and purpose. SIRVA does not provide a warranty with respect to your particular engagement, relationship and experience with any referred service provider or the services or the suppliers. You must evaluate the service providers and their services and make selections and decisions based upon your own best judgment, interest, priorities, and concerns. SIRVA is not providing advice with respect to any selection or decision you may make 

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