What Should I Expect at My Real Estate Closing

40+ unhurried days have gone by since you put the offer in on your future home. 40 days of religiously checking your email and phone for updates, 40+ days of browsing Amazon for just the right rug to go in your new living room, and 40+ long days of waiting to make the biggest purchase of your life. While this process has allowed you to hone the virtue of patience, the day is finally here! You are clear to close! This day is a huge deal, and you don’t want anything to go wrong, so now you wonder “what’s going to happen”, “who will be there?”, “what do I need to bring?” Let’s take a look at these questions to prepare you for the big day.   

Who will be there? 

There are typically quite a few people present at the closing table.  

This can vary by state, but those that you can count on being there are: 

• the home seller 
• the seller’s real estate agent 
• your real estate agent 
• a representative from the title company 
• a representative from your bank/lender 

A lot of states do not require the real estate agents to be there.   

What should you bring? 

There’s not a lot you will need to provide that day. One of the most important things to bring is a government-issued ID. Make sure your ID has a picture and matches the name that will appear on the title and mortgage. Most paperwork that you are required to provide is done before you reach the closing table, and you or your real estate agent have likely already sent this to the team working behind the scenes to get you to the finish line. 

Depending on your lender’s preference, you may be asked to bring a cashier’s check for the down payment and closing costs or you may be asked to do a wire transfer before your arrival. Check with your bank to determine the timeline they need to process those forms of payment for you. Sometimes it is advised to bring your checkbook just in case you need to cover small adjustments to the closing costs.    

What’s going to happen? 

Make sure to review your Settlement Statement before you get to this point! Get your pen ready because you are going to be signing a LOT of papers! Many legal documents must be signed to properly transfer the ownership of your home over to you as well as documents with a promise that you will pay your mortgage loan. Those documents will be notarized too (hence the need to bring an ID).  You will be guided through each document, so don’t worry about missing anything! When you finally reach the end of the stack, you’ll be given copies of these documents (make sure to keep them!) and the keys to your new home.   

After you have your keys, you will be ready to rush off to your new home! As you settle in and start to think about how to maintain your most prized possession, visit our blog New Homeowner’s Guide to Home Maintenance to start your journey off right!