In the course of the home buying process, there are a lot of steps that you have to move through - getting your offer accepted, getting the home inspected, and getting the appraisal - so what happens on the day of closing?
Let's take a look at what to expect on closing day.
In addition to preparing for the closing, your attorney will handle all the details on the day of the closing, as well as any follow-up issues that may arise. When a property closes, ownership and funds are transferred from seller to buyer.
An offer letter typically specifies the closing date, which would be determined by when the mortgage company would be able to process the loan. After an offer is accepted, the closing usually takes place within 30-60 days. Ensure that the date you choose works for your schedule. It is typical for the closing arrangements to be finalized a few days before the date scheduled.
Where does Closing take place, and what materials do I need to bring?
The purchase and sale agreement specifies where the closing will be located, but this location may have to be changed prior to the closing, depending on the circumstances. Most of the time, a location is coordinated by the buyer and their attorney. A real estate closing can be done either at the Registry of Deeds in the county where you purchased the property, at the law firm of your choice, or at the real estate office. It is required that you have a valid form of identification as well as a certified bank check (or wire transfer) in order to cover your closing costs and down payment. As part of the Closing Disclosure, your lender will provide you with an estimate of the total amount that will be due. It is important to keep in mind that your lawyer will confirm this amount as soon as they have verified and approved the final numbers and potential closing credits with the selling party.
The following documents must be signed:
Other documents you must sign include tax records, the settlement statement, and a variety of legal disclosure documents. There is no need to worry, you will be provided with a detailed explanation of what each of these documents mean by the attorney.
Between getting your offer accepted and closing, here are some mistakes you should avoid:
You can experience overwhelming feelings during the buying process, which is why your Realtor and attorney are essential. It's their job to make sure you're well prepared, on time, and equipped with everything you need, so the closing day won't be a hassle.
Your new home is now yours!