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Closing on My Home
You are almost home! Closing is the last step before you become a new homeowner.
This process can be broken down into 4 sections:
Do not hesitate to ask questions. Remember, your Sales Counselor is there to help guide and prepare you for this meeting.
Your Sales Counselor is also responsible for scheduling your closing appointment. This estimated date is determined on the day your contract is signed and subject to change depending on the timeliness of your loan approval, the construction of your home, etc.
Top ^Before Closing
You should start preparing to close as soon as you sign the contract with your Sales Counselor. Be sure to carefully read through your contract and to ask questions. Before closing, there are certain things you will need to take care of to ensure that you will be ready to close on your home at the scheduled time. 
- Begin working on meeting your Conditional Approval Requirements. You may need to allow extra time in order to fulfill certain criteria. Closing CANNOT take place until these requirements have been met.
- Understand the sales contract and lender documents before closing. Your Sales Counselor and your lender are there to lead you through this process. Please direct any questions to your Sales Counselor or your lender prior to closing. They are knowledgeable and trained to answer your questions. It is important that you have a clear understanding of the documents you will be signing before you meet with the title company. The Closing Agent from the title company is simply there to present and to notarize your signed documents. Closing Agents are not allowed to explain any documents that have not been produced by the title company.
- Start looking for Homeowners Insurance. You MUST have insurance on the home before closing. Talk to a number of insurance companies to get the best rate. Normally, the first insurance payment is collected on your settlement statement at closing.
- Get a head start and plan your move. Schedule time to get your belongings sorted and packed for the move. This can be a large project for some people. See what is involved when planning your move.
- Each person on the loan must be present at time of closing.
This means if you have a co-signer, both parties must attend.
The state of Texas requires both spouses be present at closing, even if the loan is only for one spouse.
If for some reason one or all parties cannot be present at the time of closing, a person must be appointed the Power of Attorney to sign for the missing party. If you or another party will be absent, please be prepared to appoint a Power of Attorney before closing.
To appoint a Power of Attorney, a property-specific Power of Attorney document must be signed by all parties (you, your spouse or co-signer and the person appointed) and notarized. This document must be submitted to the lender and Title Company prior to closing, along with a copy of a valid government-issued photo identification card of the appointed person. The person who is appointed the original Power of Attorney must be present at closing and verified. The absent person(s) will be asked to verify over the phone that the person who has been appointed the original Power of Attorney is present and has approval to sign for them at closing.
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Before you can close on your home, the home MUST be complete.
Royce Builders requires that the home is 100% complete before the homeowner gets their keys. Third-party Construction consultants check almost
300 items at four different intervals during the construction process to ensure that each detail is perfect and that the home meets all standard
codes and regulations before closing.
You will then be invited to the final walk-through with our HomeStar warranty service team.
Because we believe in delivering quality product and service, you will not be allowed to close on your home until it satisfies both you and Royce Builders.
What to Bring
In addition to meeting all the pre-closing requirements, there are certain items that you will need to bring with you in order for a smooth closing. Without these items, your closing may be delayed. Your Sales Counselor will be happy to answer any questions that you may have.
You will need:
- All parties must be present to sign (You, your spouse, co-signer or person appointed the original Power of Attorney)
- All parties must have a valid government-issued picture identification. (Driver’s License or Identification Card)
- Your Homeowners insurance must be in place. The payment for the first year insurance coverage will be collected on your settlement statement.
- A cashier’s check made payable to the title company for the amount of your closing cost. The amount of closing may be based on your Good Faith Estimate. In this case, if your cashier’s check exceeds the required amount for closing, you will get a refund. However, if your check doesn’t quite meet the required amount, you may pay the difference with a personal check.
- Your personal checkbook in case you have to pay the difference at the time of closing.
Failure to bring any one of the listed items could result in delay of your closing.
Top ^At the Closing Table
The date has arrived. You are organized and prepared. You have fulfilled all of the requirements and brought all the items needed to close on your new home. Closing is when the sale is finalized. Your Sales Counselor will not be present; however, they will help you to prepare for your meeting with the title company. At this closing meeting you will sit down with a Closing Agent from the title company of your choice and review your closing documents that are supplied by the lender.
For your convenience, Royce Builders has an in-house lender Hammersmith Financial as well as an in-house title company, Stewart Title.
Top ^Post-Closing
If you choose to use a lender other than Hammersmith Financial, your
loan must fund prior to receiving the keys to your new home. Depending upon how quickly your lender is able to fund your loan determines when you will receive your keys. Typically keys are delivered the day of closing, however it may take several days in some cases.
If Hammersmith Financial is your lender, Royce Builders will deliver the keys as soon as the closing process is finished.
Along with your keys, Royce Builders will supply a homeowner’s manual and information about our HomeStar Customer Care Program (our warranty service). Become familiar with the services that you will receive as a new Royce Builders homeowner. This is a unique program that provides new homeowners with the knowledge needed to protect their investment and gives them peace of mind.
Need some ideas about decorating and maintaining your new home? Check out the next step, Living in My Home.
