Closing Day
This is it! Closing is when you sign ownership and insurance paperwork and you receive your new home's keys!
Closing is when you sign ownership and insurance paperwork and you receive your new home's keys! Typically, closing takes four to six weeks from the time your offer is accepted.
During this time, purchase funds are held in escrow, where your money is held safe until the transaction is complete.
Closing Disclosure
Lenders are required to provide you with a closing disclosure, at least three days before closing.
This will show you what your final loan terms and closing costs will be. You will have three days to review the statement. This is done to ensure that there are no surprises at the closing table.
Important!
Final Walk Through
We will do a final walk through the home within 24 hours of closing to check the property's condition. This final inspection takes about an hour.
We will make sure any repair work that the seller agreed to make has been done.
Final Walk Through Checklist:
- ✓Make sure all appliances are working properly
- ✓Run the water in all the faucets and check for any possible leaks
- ✓Open and close garage doors with opener
- ✓Flush toilets
- ✓Run the garbage disposal and exhaust fans
- ✓Verify all agreed-upon repairs have been completed
- ✓Ensure the home is in the same condition as when you made your offer
The Closing Table
The closing typically happens at the title company. You will be signing lots of paperwork so get your writing hand warmed up!
Who Will Be There:
- •Your agent (me!)
- •A title company representative
- •Any real estate attorneys involved in the transaction
(This might be slightly different depending on local practices)
Documents You'll Sign:
- •Deed of trust
- •Promissory note
- •Final closing disclosure
- •Title documents
- •And other required paperwork
Closing Costs
Closing costs can vary depending on your home's purchase price and where you are located. You can generally expect your closing costs to be around 3% to 4% of the home's sales price.
These closing costs can sometimes be shared with the seller, depending on what was negotiated in your purchase agreement.
What to Bring to Closing
- •
Government-issued photo ID
Driver's license or passport
- •
Copy of the sales contract
For reference during the signing
- •
Homeowner's insurance certificate
Proof of coverage effective on closing day
- •
Proof of funds
Cashier's check or wire transfer confirmation for down payment and closing costs
Congratulations! It was a lot of hard work but you are now officially home owners!!
Time to throw a party and get to know your new neighbors!
Thank you for allowing me to guide you through this journey. Buying a home is one of life's biggest milestones, and I'm honored to have been part of yours.
Remember, I'm here for you even after closing day. If you have questions about your new home, need contractor recommendations, or want advice on home improvements, don't hesitate to reach out.