The closing day has finally arrived. As an eager homebuyer in Chicago, you’re sitting at the closing table prepared to sign the stack of legal documents and finalize your purchase. But how long should you expect to spend signing all the closing paperwork?
How Long Does Signing Closing Papers Take?
Signing closing papers for a home in Illinois typically takes 1-2 hours. The length varies based on loan documents and lender. You can make this process smoother by coming prepared, knowing the documents you’ll be signing, coordinating with other parties involved, and giving yourself some buffer time!
In most real estate transactions in Chicago, Illinois, buyers can plan for 1-2 hours to thoroughly review and execute all closing documents and receive lender approval for funding.
It also helps to know what categories of papers to expect so you can review them efficiently and avoid delays. You can often e-sign most of the loan documents before you even get to the closing.
Tips for buyers on moving through signing closing papers smoothly
1. Come Prepared
- Review documents provided beforehand, like the Closing Disclosure, title commitment, etc. This prevents surprises during the signing.
- If your lender offers the option to presign documents electronically, use that option.
- Bring a valid photo ID, glasses if needed, and your favorite pen to sign documents.
- Arrive 15 minutes early to get settled into the closing room and ready to dive in.
2. Know the Document Categories
Typical closing documents fall into these general categories:
- Loan and mortgage documents from your lender
- Real estate conveyance contracts like the deed, title policy, transfer declarations, etc.
- Title company documents
- Settlement statements, ledgers, receipts of funds transfers
Having an idea of what’s in each document group helps focus your review process when signing. Don’t hesitate to ask questions!
3. Coordinate with Others Involved
Have your attorney point out important items rather than having to scrutinize every line of each document.
4. Build in Some Buffer Time
You may experience short delays between signing different document batches as additional copies are printed or reviewed.
Light snacks and water help make waiting periods easier!
While the signing process involves a controlled chaos of paper passing across the table, going in informed and focused helps you efficiently review and execute the contracts.
Don’t feel rushed, but keeping things moving avoids extended waits at the closing table.
Once all signatures are flowing, you’ll have keys in hand before you know it! Learn more about How long does it take to close on a house in Chicago, Illinois.
Let me know if any other first-timer closing questions come up.