Closing Day... What to Expect

Closing day is the day when the sale of a property is finalized, and ownership is transferred from the seller to the buyer. It's an exciting day, but it can also be a bit overwhelming, especially if you're a first-time homebuyer. In this blog, we'll explore what to expect on closing day, so you can feel prepared and confident as you close on your new home.

What Happens on Closing Day?

Final Walk-Through

Before closing, you'll have the opportunity to do a final walk-through of the property to ensure that everything is in the same condition as when you agreed to purchase it. This is your chance to verify that any repairs or agreed-upon changes have been made.

Signing the Paperwork

On closing day, you'll meet with your real estate agent, the seller, and the closing agent or attorney to sign the necessary paperwork. This includes the loan documents, the deed, and the title transfer.

Payment of Closing Costs

You'll be responsible for paying your portion of the closing costs, which can include fees for the title search, title insurance, attorney fees, and more. Your closing agent or attorney will provide you with a breakdown of these costs before closing day.

Transfer of Funds

The seller will receive the proceeds from the sale, and you'll be responsible for paying the remaining balance on your mortgage, if applicable. Your lender will transfer the funds to the closing agent, who will then distribute them to the appropriate parties.

Handing Over the Keys

Once all the paperwork is signed and funds have been transferred, you'll receive the keys to your new home. Congratulations, you're officially a homeowner!

Tips for Closing Day

Be Prepared

Make sure you have all the necessary paperwork and identification with you on closing day. You'll also want to bring a pen and any questions you may have.

Review the Paperwork

Take the time to review all the paperwork before signing it. If you have any questions or concerns, don't be afraid to ask your real estate agent or the closing agent.

Bring a Cashier's Check

If you're required to bring a cashier's check for the closing costs, make sure to do so. Double-check the amount and the recipient to ensure accuracy.

Celebrate!

Closing on a home is a major accomplishment, so take some time to celebrate your new home and all your hard work.

In conclusion, closing day is an exciting and important day in the homebuying process. Knowing what to expect and being prepared can make the experience less stressful and more enjoyable. As a realtor, I have an extensive network to guide you through every step of the closing process. Contact me today to learn more about buying or selling a home.