It’s finally here! The day you have been waiting for has almost arrived! CLOSING DAY.
Excitement (and maybe stress level) is high as you eagerly anticipate closing on your next home and starting your new journey. There are just a few more steps before the home is YOURS. “Closing day” might seem a little overwhelming especially if you are a first time home buyer, or maybe you haven’t purchased a home in many years, but don’t fret! Here is what you can expect at closing day.
Days Prior to Closing: You should be going on a final walk through with your agent. This is an ideal time to ask any last minute questions. You will also be receiving your HUD-1 Settlement Statement if you are receiving a loan for your home purchase 3 days before closing day. It’s extremely important to review this document as it details your loan agreement, mortgage payment, and closing costs. Be in constant contact with your agent to know what to bring, where you are going, and when. At Location Williamson, our fabulous executive assistant prepares our
clients through email and phone calls in the weeks and days prior to closing. Rest assured, we take care of you every step of the way!
Day of Closing
Most likely, your closing will happen at the title company’s office. Make sure you bring a government-issued ID, your personal checkbook (more on this later), and your favorite pen ; ).
Be prepared for something to go wrong: Most of the time, closings run seamlessly. Sometimes different parties involved are running behind, a document is missing or misspelled, or a money wire transfer doesn’t post. While most closings take just 30 minutes or 1 hour, it could take longer for any number of reasons, which leads us to the next suggestion.
Take time off of work: If you can take several hours (or even a half day) off of work, that will help you feel more relaxed at the closing table. Adding buffer time is always wise when closing on a home and you don’t want to feel rushed when you do actually get to the closing table.
You will be signing a lot documents: You might need to do some hand exercises to get ready ; ). You and any other people on the title and mortgage will have to sign quite a few documents that might include the mortgage, title, and ownership of the home.
Pay closing costs and down payment: This is the time you will hand pay your closing costs (if applicable) and down payment. Most likely this will need to be in the form of cashier’s check or wire transfer. You will need to have that set up and ready to process BEFORE you get to the closing table. It still might be a good idea to bring your personal checkbook in case there are any unexpected small fees that come up.
That’s it! Once all the documents are signed and all the funds and loans are received, the buyer will receive the keys. Then it’s time for MOVING DAY!
Location Williamson is a team of real estate agents and staff that are dedicated to serving YOUR real estate needs. If you’re just starting your home buying and/or selling process, call us today at 615.469.1412 and let us guide you.