At the Closing on a Home
What to do at the closing
When the day arrives for your closing on a home many things may pass through your head, especially if you are a first-time home buyer. In actuality the closing (sometimes referred to as "settlement on property" or "escrow") is a mere formality which is essentially an electronic transaction.
The principle behind the formal closing on a home is for the parties to review the documents for errors and for any monies to be exchanged including your mortgage loan, closing costs, lawyer fees and real estate commissions. The transfer is also recorded and claims are settled.
At many closings one or more parties may be missing. With the Power of Attorney a lawyer may review and sign any paperwork for their client without the client being present.
If you are a first time home buyer, take the time to read the documents you are signing at the closing. There is a lot of paperwork so be prepared and ready your hand for scribbling your signature over and over. If you have questions about anything you are signing don't hesitate to ask! Your Realtor and Lawyer are both knowledgeable about the settlement paperwork and will be able to explain any unknown details about it.
After all monies have been exchanged and all papers signed, the closing is done. Typically at that time you will obtain the keys to your new property.
Things to bring to the closing:
- Checkbook
- Certified Check or Banker's Check
- Proof of Homeowner's Insurance
- Government Issued Photo ID (Driver’s License, Military ID, Passport)
- Any other items/documents specified by your Lawyer, Lender or Closing Agent
If you have additional questions about the process of closing on a home contact your local Realtor, lawyer or closing agent. They will be able to provide you with any more details you require on what to expect and how you should prepare for settlement on property.