Your family is growing, so you and your spouse decide to ditch your one-room apartment to buy a house. You find one that you like and open up negations with the seller. After a long wait and a lot of paperwork, you reach the day you’ve been waiting for.
The closing day. Today is the day that the house will, at last, be yours. What happens on closing day though? You should prepare for everything that is to come so there are no hang-ups.
To help you prepare and move into your new home as soon as possible, check out this quick guide.
1. What is Closing and When Does it Happen?
Closing day is the final step you take when buying a home before it’s yours. When the closing date happens varies.
During the negotiation part of things, you and the seller will come up with a closing date. Just because you agree on a date doesn’t mean it will happen on that day, though. Your agent could change things to suit a more convenient timeline for themselves, the lender, and the title agency.
2. Everything You Need to Bring With You on Closing Day
There are a few pieces of information that you’ll need to bring with you on closing day. These are a photo ID and a cashiers check for the closing costs. There may be additional paperwork that you’ll need to provide, but the title company will give you a checklist so you’ll know what to bring.
3. What Happens on Closing Day?
The main thing you’ll need to prepare for during the process of closing is signing your name a lot. You’ll have to provide a signature on everything. After you pay your closing costs, the seller will sign the property over to you.
From there, you’ll sign a settlement statement, a mortgage note that states that you’ll repay the loan you took out for the home, and a mortgage that will secure the mortgage note.
4. Where Will the Closing Take Place?
Your closing appointment won’t happen at the property. It happens in the office of the title company that transfers the ownership of your new home to you. You, the seller, and the title company’s representative won’t be the only ones attending this meeting.
5. Who Will Attend the Closing Appointment?
The other people attending the closing appointment will be the closing agent, an attorney (who may also double as the closing agent), your mortgage lender, and real estate agent. The seller won’t have to be there if they pre-signed the deed.
What Happens On Closing Day and How Can You Prepare for it
Buying the house of your dreams is a long process and a lot of paperwork. It won’t end until after the closing appointment is over and the keys are in your hands.
Follow this guide so you know what happens on closing day. Hopefully, you’ll experience fewer problems by knowing what the process entails.
Now that you’ve bought your home, you need to decorate it and keep it clean. Check out the lifestyle section of our blog for helpful tips.