You have gone through all the hoops to get to this day… CLOSING Day! Today is the day you go from home seeker to homeowner! But before you get those keys, there are a few things you should do ahead of time and keep in mind on closing day.
Have you done a final walkthrough? This is very important! Make sure you and your REALTOR® schedule a time prior to closing to walk through the home one last time. This will ensure that all of the seller’s belongings have been removed. If you asked for appliances to stay, ensure that they are in place. Make sure all of the lights, heating/air and plumbing are working properly. You may have asked for and agreed to certain requirements, such as draperies remaining or walls being painted a certain color. You will want to make sure these contingencies are completed prior to closing.
Do you have the correct amount of money to bring to closing day? Your REALTOR® and closing attorney should have sent you a Closing Disclosure statement. This is a breakdown of all the charges and credits involved in the sale/purchase of the home. The amount you need to bring to closing is at the bottom of this document. If you have any questions about the Closing Disclosure, don’t hesitate to ask! This is your chance to resolve anything missing or improperly added to your amount due. The Closing Disclosure will have charges such as Homeowner’s Association Dues, property taxes, homeowner’s insurance, home warranty, termite inspection, and more. Look it over! If you don’t understand something or see something that looks incorrect, let your REALTOR® or Lender know. Once you have verified the final correct amount, you will need to obtain a cashier’s check from your bank to bring to closing.
At the Closing Table
Make sure to bring your cashier’s check, a government issued ID (usually a driver’s license) and proof of homeowner’s insurance to the closing attorney’s office. The name on your ID must match the name you would like to have on the deed and mortgage. If you recently got married and will be using a different name, make sure your ID has been changed.
In a typical closing day, you will be in a conference room with the seller, the seller’s REALTOR®, the closing attorney and your REALTOR®. Different closing attorneys do it different ways, but in most cases, the seller signs their paperwork and leaves; then you begin signing your documents. There is a lot of signing to do and it will seem like an endless stack of papers to sign. Ask questions if you are unsure about something or do not understand a document. The closing attorney and your REALTOR® are there to help and answer any questions you may have.
Once all of the paperwork has been completed, you are done with closing day! You’re officially a homeowner – Congratulations! Buying your first home is quite a journey and you made it all the way through the process! While the home is now closed, your REALTOR® is still there to help with any questions you may have about utilities, the neighborhood, your new community, or anything in general. Do not hesitate to reach out.