If you are purchasing or refinancing a home, your closing appointment will likely take place at the title company office. But how long can you expect to be there, signing documents, to complete your real estate transaction?
How Long Does Closing Take At The Title Company?
For most closings at a title company, plan on the appointment taking between 1-2 hours from start to finish. However, first-time homebuyers should set aside 2-3 hours, just in case it runs longer.
What Happens At The Title Company on Closing Day?
At the title company on closing day, you’ll typically spend 1-2 hours finalizing your real estate transaction. Here’s what happens: You meet with the escrow officer, review and sign legal documents like the deed and mortgage, sign lender documents if financing is involved, wait for lender review and funding approval, and finally authorize any necessary wire transfers. Afterward, you receive a closing package with keys and recorded deed copies. The entire process usually fits within 1-2 hours, but it’s wise to allow for extra time if financing is involved or if any issues arise.
1. Arrival and Check-In – 15 Minutes
You will meet with the escrow officer or closing agent and provide your ID. Allow a few minutes to get settled into the closing room.
2. Document Review – 30-45 Minutes
The bulk of time is spent reviewing and signing the stack of legal documents, line by line. Expect to sign the deed, mortgage, note, disbursements statement, and more. Ask questions!
3. Lender Documents – 15 Minutes
If financing, you will sign loan documents like the mortgage, note, and disclosures. Review terms carefully.
4. Lender Review and Funding Approval – 30 Minutes
In many cases, the lender will want to review a scan of the signed documents to ensure that everything was completed properly. Once this review is complete, the lender will authorize the title company to fund the transaction.
5. Funding and Recording – 15 Minutes
The agent will authorize any final wire transfers if needed. You will get a closing package with keys, recorded deed copy, etc.
Most title company closings fit neatly within a 1-2 hour window if everything goes smoothly. Build in extra time if you’re purchasing with financing, as the lender documents add more reviewing. Also allow flexibility if any issues arise that require further discussion.
While closing represents the big moment of becoming a homeowner, it’s important to treat it as a legal transaction. Carefully review all documents before signing. Do not feel rushed by the title company.
With the right expectations going in, the title company closing experience can be smooth and seamless!
Let me know if you have any other questions leading up to this important appointment.