Closing Day Events and Reminders
What happens on my closing day?
Closing day can be exhilarating. After all, it's the moment you've been waiting for: it's time to finally take ownership of your new home!
This is when you will meet with your closing company or attorney and complete your purchase transaction. Every state has its own protocol for how closings are conducted, so ask your agent to explain the normal procedure to you. Sometimes, your real estate agent may attend closing with you and in some states they may not be allowed to attend.
Some states have attorneys perform the closings and buyers and sellers are across the table from each other signing documents. Other states have escrow agents or title companies perform the closings and the buyers sign documents privately with their real estate agent, so everyone's closing day events may be a little bit different.
What should I bring?
Bring along identification like a driver's license just in case. It may be required for wiring the closing funds or for presenting a certified check for closing. Most closings will no longer accept personal checks so make sure you bring the correct form of payment.
It's always a good idea to bring a copy of your contract, a copy of your inspection reports and any documents pertaining to your mortgage approval to the closing table. To be extra sure, gather every document you've accrued during the entire homebuying process and put them in a binder so you have organized documentation in case any problems arise.
How long will my closing day events take?
Be prepared to sign a lot of documents (almost 40 to 50), especially if there is a loan involved. Make sure you have ample time to review all of these documents -- that is to say, don't try to do it all during your lunch break! Take a day or half-day off work if you need to. Familiarize yourself with the closing documents ahead of time so you're informed and prepared when it's time to sign them.
In some states your deed is recorded that same day or the next business day. And depending on your state’s practices, you may receive your keys to your new home that same day and be able to take possession of your new home and move in. Check with your real estate agent and closing company to make sure. Don't forget to make sure you have transferred your utilities into your name too. And no matter how hectic it may get as the closing hour nears, just take a deep breath and try to enjoy the moment!
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