Home Closing Checklist: What to Know Before You Get the Keys
Congratulations! You’re at the final step of your home-buying journey—closing day. This exciting milestone involves finalizing the paperwork and officially becoming a homeowner. To ensure a smooth process, it’s important to come prepared and know what to expect.
What to Bring to Closing
Being organized on closing day helps the process go smoothly. Make sure you have the following items with you:
Cashier’s Check or Wire Transfer Confirmation:
Covers your down payment and closing costs, as specified in your closing disclosure.
Proof of Homeowners Insurance:
Required by your lender to ensure the property is protected starting from day one.
Government-Issued Photo ID:
Such as a driver’s license, state-issued ID, or passport to verify your identity.
Requested Bank Documentation:
Bring any documents your lender specifically requested, such as additional proof of funds or loan conditions.
Closing Disclosure:
This document outlines the final details of your loan, including terms, projected monthly payments, and closing costs.
What to Expect on Closing Day
Closing day is a coordinated effort between buyers, sellers, real estate agents, and title company representatives. Here’s what typically happens:
Review the Settlement Statement:
This document details all the financial aspects of the sale, including purchase price, loan details, and closing costs.
Sign Key Legal Documents:
Mortgage Note: Confirms your promise to repay the loan according to the agreed terms.
Deed of Trust or Mortgage Agreement: Secures the loan by placing a lien on the property until the mortgage is repaid.
Payment of Closing Costs and Down Payment:
Submit your cashier’s check or wire transfer for the required amounts.
Transfer of Ownership:
Once all documents are signed and payments are processed, the title company records the transaction with the local government, making you the official owner.
Receive Your Keys:
With everything complete, you’ll be handed the keys to your new home, officially marking the start of homeownership!
Tips for a Smooth Closing Day
Review Documents in Advance:
Ask for copies of key documents, like the settlement statement and closing disclosure, ahead of time so you can review them and clarify any questions with your agent or lender.
Arrive Early:
Arrive at the closing location a few minutes early to allow time for check-in and avoid feeling rushed.
Double-Check the Amounts:
Verify the cashier’s check or wire transfer amount against the final closing disclosure to ensure accuracy.
Bring a Trusted Advisor:
While not always necessary, having your real estate agent or attorney present can provide added reassurance.
Be Prepared to Spend Time:
Closing appointments can take 1-2 hours, so plan your schedule accordingly.
After Closing: What’s Next?
Once the paperwork is signed and the keys are in your hand, you can officially celebrate becoming a homeowner! Some next steps to consider:
Set Up Utilities: Contact local utility providers to ensure services like water, electricity, and internet are ready to go.
Secure Important Documents: Keep copies of your closing disclosure, deed, and other paperwork in a safe place for future reference.
Change Your Address: Update your address with the post office, employer, bank, and other institutions.
Plan Your Move: Coordinate your move-in day and celebrate this exciting new chapter.
Check out these other helpful buyer’s guides and learn more.
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Find an Agent
Finding the right agent is crucial to your success.
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Finances
Understanding what it takes to qualify for a mortgage.
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Making an Offer
How to make an offer on a home.
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Home Inspection
One of the most important steps in homebuying.
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Home Appraisal
Navigating this critical step in purchasing your new home.
