What to Expect on Your Closing Day

With a transaction as significant as a home purchase, there’s no such thing as too much due diligence. Make sure you schedule a final walk through of the property at least 24 hours prior to sitting down at the closing table. 

Have you found all the small details that can make or break the home? Have the previous homeowners made the renovations or changes you requested? Are there any new damages since you last had an inspection? 

Every sale is different, so if there are any modifications you need, make sure to bring them to the attention of all parties involved and discuss everything with your real estate agent as soon as possible. 

Each state has its own unique closing process, which can involve a variety of industry professionals. For example, attorneys for both parties in the transaction may be required to attend the closing depending on the laws of the state where the property is located. 

But in general, the people you can expect to see at the closing — aside from yourself, the seller your respective real estate agents and your loan officer — are a representative from the title company and the closing agent. This individual’s duty is to finalize the settlement, see to it that all documents are reviewed and signed, and that closing fees and escrow are properly managed. 

Speak to your lender about the complete list of the specific items you’ll need, but a typical closing day requires you to bring: 

• A government approved photo I.D. (a driver’s license should be sufficient). 
• A certified cashier’s check for the full closing cost amount owed (depending on the state, you can also wire money to the title company). 
• Any documents that have yet to be received by the mortgage or title company (touch base with your lender and real estate agent about this prior to closing so there are no surprises). 

You’ll definitely have a stack of papers to sign on your closing day, which is to be expected with such a major purchase. These are some of the documents that will require your signature: 

• The disclosure form provides details about your home loan. Buyers usually receive this document prior to the actual closing. 
• The escrow document provides information on any payments your lender will make on your behalf during the first year of the note. 
• Your mortgage document reflects your promise to repay the full amount and accruing interest of the loan. 
• The deed is used to secure the loan and instill rights with the lender in the event of loan default. 
• The occupancy certificate is generally reserved for new, previously unoccupied homes certifying they meet building and fire codes. 

Just like every other step on the road to homeownership, your closing day should go smoothly if you know what to expect and you have your ducks in a row.