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Closing on your new home is the last step to homeownership.
Depending on where you live, the closing will take place at the title or escrow office, or at your attorney's office, if you use an attorney. Your attorney, the seller's attorney, your broker and the seller's broker will attend, as may an attorney for the lender.
As one agent says, "I like to be there to smooth over any problems that may arise and I also enjoy what is usually a happy ending for both sides."
Many sellers opt not to attend the closing and instead sign in advance a number of documents, which spell out the flow of funds between buyers and sellers. They also give their attorney the legal power to act on their behalf. Many of these documents are important to both sides' accountants because they may represent tax deductions or liabilities.
On the flip side, buyers usually attend the closing because their lawyer walks them through all the costs and obligations associated with the new purchase.
Prior to the closing, your attorney or the title company should notify you about the funds you'll need to bring to the closing. Buyers need to bring along a cashier's check (never a personal check) that covers the balance of the loan's down payment, closing costs and legal fees. Buyers also should bring extra checks for incidental expenses and a photo ID, since documents will be notarized.
If you purchase your house with cash, the closing could take as little as 30 minutes. But if, like most new owners, you're using a mortgage, prepared to spend 90 minutes to as long as 2 hours, since you'll need to initial and sign lender disclosures, the loan documents, and other papers.
If there are complications at the last moment, prepared to spend the better part of the morning or afternoon resolving them. If you see trash and debris during your final walk-through just before the closing, or if the house has been damaged, the closing may stop until the seller either fixes the problem or provides the funds for you to fix the damage. |
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At the closing:
 Be sure to get all the keys, including the front and back door keys, store room or locker keys, and mailbox keys.
Ask the seller to provide the documentation for any and all warranties for appliances or mechanical systems, plus the names of tradespeople who have serviced appliances and mechanical systems, like the furnace.
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