Congratulations! You made it to closing day!
Last week we reviewed the inspection and appraisal process for buyers. Once you have made it through that process, closing day is your final step to becoming a homeowner.
Closing must happen for you to become the legal owner of the property. This is when you will sign paperwork and be handed over the keys to the property. Here is what to expect during closing:
- Final Walk-Through. Before signing papers, you can do a final walk-through of the home. This usually takes place up to 24 hours before the closing. During this time, you will make sure the previous owner vacated, and the house is in the condition agreed upon in the contract.
- Bring your paperwork. You will need to present proof of homeowners insurance, a copy of your contract with the seller, home inspection reports, a government-issued photo ID, and any other documents your mortgage lender requests.
- Down Payment. Before closing, you will know exactly how much you will need to bring for your down payment and closing costs. This can be wired or in the form of a cashier’s check.
- Final Paperwork. Buying a home is a significant purchase, which means you will sign a lot of papers at the closing. Documents to be signed can include a deed, a bill of sale, a mortgage note, a mortgage, and a closing disclosure. You can review these documents ahead of time so that you are familiar with them on closing day.
Once the paperwork has been signed, you are officially a homeowner! At this point, you can relax, move in, and begin creating new memories.
Ready to buy?
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