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  • Closing Day: What to Expect

Closing Day: What to Expect

December 28th, 2016

Closing Day: What to Expect

You’ve found a home, secured financing, and negotiated a deal. Boom! The most strenuous parts of the home buying process are over. Now all that lies between you and life inside your new home is the closing process. Closing, also known as escrow, is the date when all parties come together and make the transaction official. Here’s how to make the process run as smooth as possible.

Review Your HUD-1 Settlement Statement

Three days before you are scheduled to close you will receive a copy of your HUD-1 settlement statement. This outlines exactly what your mortgage payments and interest rate will be, along with your closing costs. Be sure to examine this carefully and get in contact with your lender should any discrepancies be found.

Perform Your Final Walk-Through

Twenty-four hours before you’re scheduled to close you will perform your final walk-through. You’re looking to make sure that any fixtures agreed upon remain in the household and any repairs that the seller had agreed to fix have been made.

Bring Your Paperwork & Down Payment

On the day of closing you’re going to want to be prepared. Make sure you have your ID, proof of homeowner’s insurance, inspection report, a copy of the contract you have with the seller and anything required by the bank to approve your loan. Additionally, you’ll need to wire transfer the money needed for your down payment and closing costs.

It should also be noted that you should expect to be ready to sign your name a lot. As well, you should also be prepared for any sort of minor delays or hiccups, such as people being late to the meeting or names being misspelled on the contracts. But, assuming all else goes well, you’ll be on your way to receiving the keys to your new home!

HendersonĀ real estateĀ is some of the most prestigious in the country. Contact a member of Gore Group Realty to find your new home.

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