You searched for the perfect home and finally found one. You put in your offer and waited with bated breath until the seller accepted your offer. Now, it is finally drawing near: your closing day.
You probably feel many emotions, including eagerness, uncertainty and anxiety. The closing process can be complex, but your closing day does not need to be. To improve your peace of mind, this is what you can expect when you attend your home closing.
Closing day: what to know
Usually, the closing will take place four to six weeks after you sign the purchase agreement. On closing day, this is what you can expect to do:
- Present your documentation
You will need several documents at the closing. You should have your purchase contract, proof of insurance, a government i.d. and the home inspection reports. Find these documents and have them ready so that you do not have to rush to locate them on closing day.
- Meet with the other parties
Simple residential closings usually require only a few people to attend the closing: you, your real estate agent, your attorney and a representative from the title company. However, commercial closings may also involve the seller’s attorneys and a representative from your lender.
- Make your down payment
At the closing, you will present your down payment and any closing costs you are paying. Since you cannot use a personal check, you must use a cashier’s check or a wire transfer.
- Read and sign legal documents
This is the big moment: you will officially sign the deed to your home. In fact, you will sign numerous legal documents, including the mortgage, the promissory note and the closing disclosure. Once you have crossed the t’s and dotted the i’s, so to speak, the property will officially be yours.
Even if you are very prepared for closing, unexpected roadblocks can still occur. You will need to work closely with your real estate agent and your attorney to handle these instances. Still, with dedication and patience, you will eventually finish the closing process and own your own home.