16 Aug What should you expect on the day of closing?
What should you expect on the day of closing?
In the days approaching the closing day, you will have reviewed the CD from the lender, so you will know exactly how much you need to bring to closing (if you are the buyer). If you are the seller you will have reviewed the final settlement statement, so you know what your proceeds will be and that should mirror the good faith estimate your agent did for you.
On closing day the buyer will make sure they have the funds wired or will bring a cashier’s check. They then do the final walk through prior to closing. At that time any inspection items are reviewed which were negotiated per the contract, and paid invoices for work done will be examined. If all is satisfactory, then on to the closing.
At the title company of the buyer’s choice, the closing takes place. All parties present a picture ID and sign their documents for each side of the transaction. This normally takes a little under an hour. At the end, the buyer, if an owner occupant, will review how to homestead the property with the closer. When that is all completed, the keys, garage door openers and any security and access codes are transferred, and the buyer is the proud owner of a home.