What to expect on closing day
You've found the house that you love and your offer was accepted. The home inspection and home appraisal are complete. Your lender has informed you that you're clear to close and your closing is on the calendar. Here’s what you can expect to happen during closing day.
The Final Walk Through You and your Realtor will do a final walk-through to visually inspect the home, ensuring that it is clear of trash and debris, and that the seller did not cause any damage since the home inspection or upon moving out. You will also take this time to ensure that any home inspection repairs that were agreed to be made were actually made. Invoices for all home inspection repairs should have been provided by the seller prior to the walk-through. The walk-through can take place the day of the closing or the day prior. You should expect the walk-through to take about an hour. The Settlement Meeting
On closing day, buyers and sellers sign the documents necessary to formally sell a home and transfer the title to the new owner. Buyers will finalize the mortgage documents at this meeting. The closing agent will run the meeting and prepare all the paperwork ahead of time. This person is typically a title officer or attorney and they have the knowledge and training to ensure that everything is completed correctly. They will explain the purpose of each document that you are asked to sign. They will move all the money via wire transfers and file the documents with the appropriate government agencies once the closing is completed. The figures at closing should be correspond with the final closing disclosure that was provided by your lender. In addition to the closing agent, the real estate agents for the buyer and seller will also attend. This meeting could take up to two hours.
What To Bring
Both buyers and sellers should bring government-issued photo identification, such as a driver's license, military ID, or passport.
Buyers need to bring a cashier’s check (or you can use a wire transfer) made out to the title company. The settlement company or your lender will give you an exact dollar amount for your cashier’s check at least one day prior to closing. Bring your regular checkbook just in case there are any mistakes in the documents, as a precaution.
Closing is an exciting and fun day. You'll sign more papers than you ever imagined, but when the keys to your new home are in your hand, it's time to celebrate!