Closing time, that's about as much singing I'm going to do, so be thankful of that, but listen. We are at the video where I discuss the closing. Step #13 is the final step in a 13 part video series of buying your Chicago home.
You've got a combination of excitement, right? Get excited! And, of course, you probably feel like you want to vomit, right? That's natural, but what do you expect on the closing? Your lender, of course, will be giving you specific instructions as far as how much you need to bring to the closing table. In the State of Illinois, any amount above $50,000 must be wired. All right? Anything below, certified check; can't use your bank, I mean you can use your bank check, but it has to be certified if it's below $50,000. Above $50,000, wired, okay? You want to make sure you do that at least the day before you send it, and there'll be specific instructions, probably from the attorney, from your attorney, to send over to the title company. In order to get that numbers, by law, three days before closing you will be getting what's called a CD, closing disclosure. In that closing disclosure, you'll have the numbers you'll need. Any material change to that disclosure, just so you know, may cause the closing to be delayed, but I want to just preface that. It really is going to depend on title, looking at it. There are some certain situations where you can prevent that delay, but if there's anything material, i.e., your interest rate, which is shouldn't, that could cause a delay, but that's the general parameters here. Three days before, you'll get that CD, and you'll know how much that you'll need to wire to the title company. Then, of course, on the day of, basically you're signing a lot of documents, so make sure you don't have a hand cramp. Your attorney, as I mentioned in the Importance of The Attorney video, your attorney will be sitting down with you and calmly explaining every question that you have. The lender will be working on what's called funding. They're basically wrapping up any last ... They're dotting the I's, crossing the T's, making sure final underwrite, everything is looking good, and also submitting documents electronically to the title company, so basically the title company in conjunction with your attorney, and the lender, all three are kind of working cohesively and seamlessly. Right? Expect anywhere from an hour to, possibly two. If there's any other delays, I've been to long closings but just make sure you devote at least a significant amount of time. You have to be there at the closing, so you need to take that time off from work. And then basically when all the paperwork is done, we're really going to be waiting for what's called, again, funding. Making sure the loan funds. There's a payoff letter from the seller going over to your lender and they have the funds available, your financing, to purchase your property. And then congratulations! You have closed. So I hope you found this video to be, again, informative. It kinds of wraps up the buying process. At this point I hope I've had the opportunity to sit down with you and work with you. If you have any other questions, Thank you.