What Happens on Closing Day?
Closing day is the conclusion of a long and exciting process of buying a home—it’s when you finally get to sign on the dotted line (many, many times) and get the keys to your new home. But what, exactly, happens on closing day? Keep reading to find out!
Learn more about the settlement and closing process by filling out the form to the right or calling 301-340-8700!
What Happens the Day of Closing
Your settlement will occur at a prearranged location and date—they are often held at the title company’s office or at your real estate agent’s office. During closing, you will sign all of the loan documents; make sure that each document is explained to your satisfaction so that you thoroughly understand each item that you are signing. If something is not as you expected it to be, don’t sign until the matter has been resolved.
You will be required to present proof of homeowners insurance and any necessary inspections, as well as a certified or cashier’s check to cover the down payment, closing costs, and other settlement costs. Your lender should help you determine the complete cost of closing by filling out a HUD-1 Settlement Statement. This is a document that will cover the final credits and charges for both you and the seller, based on the terms of the contract. You will receive a copy of the HUD-1 at least one day before settlement—talk to your lender about getting it earlier, if necessary.
Once all the papers are signed and the payment has been made by your lender, all that is left is to get the keys to your new home and move in.
Learn More About the Settlement Process
If you want to know more about the home settlement process, contact the experts at Coakley Realty. We can guide you through every step of the home buying process in the DC metro area, including closing and settlement.