6. Closing Day!
After all the work you've put into choosing the perfect home, getting through inspections, appraisal and loan approval, the end is in sight! Here are the last steps before you're handed the keys to your new home.
Seller "To Do's" Before Closing
Before closing day, the seller and seller's attorney will gather the information and documents needed for the sale to wrap up. Some of these will be sent to your attorney ahead of time, and others will be brought to the closing.
- Receipts for repairs from inspection requests.
- Copies of seller-paid inspections like well/septic or termites/pests.
- Property survey to verify that the lot lines match the deed and that there are no encumbrances.
- HOA documents and statement of account.
Buyer "To Do's" Before Closing
Money Matters: If you are getting a loan, several days before the closing you and your loan officer will review the closing statement. Carefully review the documents and make sure it includes all the credits and fees you are expecting. It's difficult to make changes once the "clear to close" is issued. If you're paying cash, work with your attorney and the title company to ensure a proper wire transfer.
Schedule Utilities: In our area, the seller cancels services for the date of closing, and the buyer starts service in their names. Make the calls a week ahead of time to ensure that utilities are on when you take possession at closing.
Confirm Your Movers: Everyone involved in your home purchase will try to make your closing happen on time, but problems can arise. Stay in close touch with your moving company, especially if you're coordinating a sale and a buy.
Arrange For Child and Pet Care: Most walk-throughs and closings go smoothly. But there can be problems, and younger children won't be happy sitting at a title company for hours while the attorneys or the lender resolve issues.
Your closing will probably be held at a title company chosen by the seller's attorney. Most sellers pre-sign their paperwork with their attorney so that they don't have to attend the closing. The seller will leave keys and garage door openers at the house or with their attorney to be turned over when the closing is finished up.
When you get to the closing your attorney will review all of your mortgage documents and have you sign them. Most closings take about an hour but can go longer if there are problems with the loan package or wire transfer. You usually need to stay for the entire closing. When the loan is fully funded, you'll get the keys to your new home.
Congratulations, you're a homeowner!