You’ve waited four to six weeks, made it through the home inspection and negotiations and packed up every last belonging down to the odd socks in the laundry room. It’s finally time to move into your new home. Before you get the keys, though, you’ll need to get through closing day. Do you know what to expect? Here are some of the activities and people you can expect when closing on your home.
Four to five days before closing, you’ll do one more walkthrough of your new home. In most cases, it’s empty and should have been cleaned. This visit is to ensure that the home is still in the same shape it was in when you agreed to purchase it and that all home inspection items have been taken care of. You can go through a checklist as you tour the home, and your realtor will help you handle any issues or disputes that arise. In most cases, this is just a formality to put your mind at ease.
Just Before Closing
Lends are required to provide your Closing Disclosure three business days before your scheduled closing. Use these days wisely. This document will help you double-check that all the items are correct. If something looks different from what you expected be sure to ask about it!
Attendees at Closing
It’s handy to know who will be present at your closing, or settlement. Basically, the closing process is the finalizing all of agreements you’ve made with your lender and the seller in regard to the home. Closing day sets it all in stone. The people at your closing can vary based on your individual circumstances, like whether you are taking out a loan or paying in cash, but here is a comprehensive list of potential attendees:
- Your attorney
- Your realtor
- Sellers’ attorney
- Sellers’ realtor
- Representative from the title company
- Closing agent
- Mortgage lender
Depending on technology used, you may have far fewer attendees than this at your closing. Some closings only involve you, your realtor and your closing agent.
What Happens at Closing
So what actually happens at your closing appointment? Here’s my rundown:
- You’ll be given all loan documents to review and sign. A good representative will explain the purpose and meaning of each item you’re signing. If something doesn’t make sense to you or isn’t what you expected, speak up! Don’t sign until you are ready. Closing agents are required to provide the disclosures three days before closing for you to review ahead of time to ensure understanding.)
- Be prepared to show that you have homeowners’ insurance for your new residence. Bring documents or have them sent to your closing agent or realtor.
- Bring a certified check to cover your down payment, prepaid interest, taxes, insurance and closing costs.
- Your lender handles the distribution of the funds covering your home loan out to your agent, and they will likely create an escrow account for payment of property taxes and insurance, in tandem with your mortgage payment.
- You’ll receive your keys and rights to the property.
Once everything is completed, you’re the proud new owner of your home. You can take residence immediately or soon after your closing appointment. Ask your realtor or closing agent for the specifics on your situation.
If you are in the market for a new home in the Northern Virginia area, contact me! When you list with me, I stage for free using your own furniture. And buying or selling, we’ll work together to create a smooth experience for you every step of the way.