By the time closing day is on the calendar, you’ve already made most of the big decisions involved in buying your home. Now the focus shifts to making sure all the remaining details come together. Some of those details will be handled by your lender, settlement professional, and others involved in the transaction. Others need your attention. Knowing which is which—and taking care of your part early—can make the final stretch much easier.
BEFORE CLOSING
Once your offer is accepted, there are still deadlines, contingencies, and other requirements to work through. I’ll help track the real estate pieces of the transaction and keep you informed about what’s happening and what may need your attention along the way.
If you’re financing the purchase, one of the most helpful things you can do is stay responsive to your lender. Underwriting may require updated documents or additional verification even when closing is getting close. This is also a good time to keep your financial picture as stable as possible. Before taking on new debt, moving significant amounts of money between accounts without documentation, or making an employment change, talk with your lender about whether it could affect your loan.
For most purchase mortgages, you’ll receive a Closing Disclosure at least three business days before closing. Take some time with it. Compare it with your most recent Loan Estimate and look at the loan terms, monthly payment, closing costs, and the amount you’ll need to bring to closing. If something is different from what you expected or you don’t understand a charge, asking about it now gives the appropriate professionals time to explain or address it.
Your settlement or closing professional will also tell you how and when your closing funds need to be delivered. Follow those instructions carefully and give yourself enough time to complete the transfer without creating a last-minute scramble.
BE EXTRA CAREFUL WITH WIRING INSTRUCTIONS: Real estate transactions are a target for wire fraud, and fraudulent emails can be remarkably convincing. Before sending any money, independently verify the wiring instructions with your settlement or closing professional using a phone number you already know to be legitimate. Don’t rely on a phone number, link, or last-minute change sent in an email. If anything changes or doesn’t seem right, stop and verify it before sending funds.
Before closing, you’ll also have an opportunity to complete a final walk-through according to the timing provided in your purchase agreement or local practice. Think of this as a final confirmation rather than another inspection. Is the property in the condition you agreed to purchase? Have negotiated repairs or other agreed-upon items been addressed as required? Is there anything that needs attention before you close? If something isn’t what you expected, we’ll determine the appropriate next step based on the agreement and circumstances.
ON CLOSING DAY
Before heading to closing, confirm the time, location, and anything you’re expected to bring. Each signer should have the identification required by the closing professional.
If you’re financing the purchase, there may be quite a few documents to review and sign, including your Closing Disclosure, promissory note, mortgage or deed of trust, and other loan and settlement documents. There’s no prize for signing fastest. Take the time you need to read what you’re signing and ask questions when something isn’t clear.
Much of the title work should already have been reviewed so that questions involving ownership, liens, or other title matters can be addressed before closing. Depending on where you live, a title company, settlement agent, escrow professional, or attorney may handle the closing. Procedures vary, so the professionals involved will guide you through the requirements that apply to your purchase.
AFTER THE SIGNING
Signing may feel like the finish line, but depending on local practice and the terms of your transaction, funding, recording, delivery of documents, or other requirements may still need to occur before the purchase is officially complete and you’re entitled to possession. Your closing professional and I will help you know when everything is complete and when the keys are officially yours.
When possession is delivered, make sure you’ve received the keys and any other items that should come with the property, such as garage door openers, access devices, or information provided by the seller.
Remember to review the Ultimate Moving Guide, Checklist, and Supplies for important reminders as you prepare to move in!
I’ll be here to help you keep track of the real estate details, communicate with the other professionals involved, and work through questions as they come up. You don’t need to know every step before you get there. You simply need to know what deserves your attention next.
You’ve already made the big decision. Now we’ll take care of the remaining details one at a time until the only thing left to do is open the door.