What to expect on closing day
The big day has finally arrived! You may feel a bit nervous or anxious: it is normal and it will disappear when you have the keys of your home in your hands. If your lender already gave you a “clear to close”, relax…everything will be all right.
In the meantime: be ready for the big day asking questions and educating yourself about what to expect. Let´s see who is going to be there and what is going to happen.
Who is going to be there?
Although the answer to this question depends on the state where the property is located, the property type and some other factors, usually these are the people attending that day:
The seller´s attorney in case they have one.
Yours and the seller´s real estate agent.
Your attorney in case you have one.
A lender´s representative.
The Closing Attorney or Title Company (depending on the state).
You are buyer, so you are the first one who needs to be there, of course!
What is going to happen at closing?
This is the day for you to sign many documents, so have your pen ready. It is important to make sure that you understand everything you are signing. Don´t be afraid to ask questions about any document or term you don´t understand. In case you are required homeowner inspections and insurance (by this day, you will have provided the necessary evidence. On that day you need to provide evidence. You will also provide a certified or cashier´s check to cover the down payment and the other expenses: prepaid interest, taxes, insurance, closing costs.
On that day your lender will distribute the money covering you home loan amount to the closing agent. The attorney or the notary will register the new deed with the government office, to record the buyer as the new homeowner.
Finally, the seller will sign the deed over the buyer. This is the official act to transfer ownership to the buyer. Additionally, the seller will turn over the keys to you and guess what: at this moment you will not feel nervous and anxious anymore because now you are a new homeowner! Thinking about buying a home? Contact us or call us at 1-866-200-5250.