What to Expect at Closing

Knowing What to Expect at Closing brings Peace of Mind

On closing day, all parties will sign the papers officially closing the deal and transferring properties ownership.  It is your opportunity to make any last minute changes to the transaction.

We suggest that the day before closing that you gather all of the paperwork that you will need at the time of settlement.  You will need to bring the following:

• The good-faith estimate
• Your Contract
• Proof of the title search and insurance, if necessary
• Flood certification
• Proof of homeowners insurance and mortgage insurance
• Home appraisal
• Inspection Reports

If there are any major problems that have not been previously addressed, you can ask to delay closing or request that the seller deposit money into an escrow account to cover necessary repairs.

Who is present at Closing:

The following individuals will be present at time of closing: 

• An Attorney: The closing agent might be an attorney representing you or the lender. Both sides may have attorneys. 
• Title Company representative: Provides written evidence of the ownership of the property.
• Closing Agent: a representative of either the lender or the title company.
• The Home Seller
• The seller's Real Estate Agent
• You, the Buyer
• The lender, also known as the mortgagee

The closing agent conducts the settlement meeting and makes sure that all documents are signed and recorded. The agent also ensures that closing fees and escrow payments are paid and properly distributed. 

Closing Documents:

At closing you will review and receive the following documents:

• Certificate of Disclosure: A detailed list of all costs related to the sale the home. It is a precise record of the settlement costs and both you and the seller sign this document. 
• Final ALTA Statement: This is the final version of the statement you received after applying for your mortgage. It contains the costs of your loan and APR, and takes into account any modifications made to your rate and points between application and closing.
• Mortgage Note: This is a document stating your promise to repay the mortgage. It indicates the amount and terms of the loan, in addition any penalties for failure to make payments.
• Deed of Trust: This document secures the note and gives your lender a claim against the home if you fail to live up to the terms of the mortgage note.
• Certificate of Occupancy: This is only necessary when you are buying a newly constructed home. It is a legal document allowing you to move in.

Once all of these documents have been reviewed and signed, you will be given the house keys and will have successfully bought your new home.