Step 5: Closing
1. Finalize Financing
Ensure that your financing is in place and all necessary paperwork has been completed with your lender. Double-check the loan terms, interest rate, and closing costs to ensure everything is accurate.
2. Schedule Closing Date
Coordinate with your real estate agent, the seller, and the title company to schedule a mutually convenient closing date. This is typically done a few weeks after the offer is accepted to allow time for final preparations.
3. Review Closing Documents
Prior to closing, you'll receive a Closing Disclosure from your lender outlining the final terms of the loan and closing costs. Review this document carefully to ensure accuracy and compare it with the Loan Estimate you received earlier in the process.
4. Conduct Final Walkthrough
Before closing, conduct a final walkthrough of the property to ensure it is in the same condition as when you agreed to purchase it. Verify that any agreed-upon repairs have been completed and that all fixtures and appliances are in working order.
5. Bring Required Funds
On the day of closing, bring any required funds for closing costs and the down payment. These funds are typically paid by certified check or wire transfer and may include closing costs, prepaid expenses, and the down payment amount.
6. Sign Closing Documents
At the closing table, you'll sign a variety of documents, including the mortgage note, deed of trust or mortgage, and various disclosures. Your real estate agent and closing agent will guide you through the process and ensure all documents are properly executed.
7. Transfer Ownership
Once all documents are signed and funds are disbursed, ownership of the property is transferred from the seller to you, the buyer. The title company will record the deed with the appropriate government office, and you'll receive the keys to your new home.
8. Celebrate Your New Home
Congratulations! You're officially a homeowner. Take some time to celebrate this milestone and enjoy your new home. Be sure to complete any remaining tasks, such as transferring utilities and updating your address, to ensure a smooth transition.
