Buying a home is a milestone that can be complex and, at times, stressful. The real estate closing is the final step in this purchase.
Fortunately, some proactive planning can help you navigate your real estate closing with confidence.
Stay organized
Begin by creating a checklist of all the documents and requirements needed for the closing. This compendium includes your mortgage paperwork, home inspection reports and any other relevant documents. Keeping everything organized ensures you miss nothing.
Review your closing disclosure
At least three business days before the loan closing date, you will receive a Closing Disclosure. It outlines the final terms and costs of your mortgage. Review this document carefully to confirm that all the details are accurate so you do not get surprises on closing day.
Complete a final walkthrough
Before the actual closing, meticulously conduct a final walkthrough of the property to ensure it is in the condition you agreed on and that any necessary repairs are complete. This will prevent post-closing disputes.
Prepare your funds
Ensure you have the necessary funds for closing, including the down payment and closing costs. These should be available in a certified check or a wire transfer as specified by your lender or title company.
Bring proper identification
On the day of the closing, bring two forms of government-issued identification, such as a driver’s license or passport. This is essential for verifying your identity.
Ask questions
Never hesitate to ask questions if you struggle to understand some things. The closing process involves a lot of paperwork and legal jargon, so seeking clarification can ease any anxieties.
Double-check documents
Before signing any documents, carefully review each one. Make sure all names and details are correct and that you understand the purpose of each document.
Secure homeowners insurance
Ensure you get homeowners insurance before the closing. Proof of insurance is typically necessary for the sale to be final.
Plan for contingencies
Prepare for the unexpected. Delays can happen, so avoid scheduling other commitments too close to your closing appointment.
Real estate closings can be lengthy, with many documents to sign and checks to exchange. Stay patient and focus on the end goal to make the experience less stressful and more successful.