The Final Stage: Closing Week(s)
The week before closing and closing day are the final stages of the home buying process, and there are several important tasks that need to be completed in order to finalize the transaction and take ownership of your new home. Here’s a closer look at what you can expect during this exciting time.
A final walk-through is a crucial step in the home buying process that allows you to assess the condition of the home one last time before closing. The purpose of the final walk-through is to ensure that any agreed upon repairs or improvements have been completed to your satisfaction and that the home is in the same condition as when you made the offer.
To ensure that your final walk-through goes smoothly, it’s important to coordinate with your real estate agent and the seller’s agent to schedule a time that is convenient for everyone. You’ll also want to bring a copy of the home inspection report and any repair requests you made during the negotiation process, as well as a checklist of items to review during the walk-through.
During the final walk-through, it’s a good idea to take your time and thoroughly inspect the home, paying attention to any issues that were identified in the home inspection report. Look for any signs of new damage, and make sure that all agreed upon repairs have been completed to your satisfaction. It’s also a good idea to test all of the appliances, faucets, and systems to ensure that they are in good working order.
If you find any issues during the final walk-through, it’s important to address them before closing. You may need to negotiate with the seller to have the issues resolved or to make a new repair request. It’s a good idea to work with your real estate agent and attorney to ensure that any issues are properly documented and resolved before closing.
You’ll also need to make arrangements for the actual closing process, including determining the best time and place for the closing and making sure that you have all of the necessary documents and funds ready. Your real estate agent will work closely with you, title company, escrow officer, and/or attorney (based on your states requirements) to ensure a closing date is scheduled.
On closing day, you’ll need to bring a few key items with you to the closing, including any necessary documents, such as identification and proof of insurance, and a way to make a payment for any closing costs or fees. There are a few key steps you can take to prepare for submitting a payment for closing costs and fees during the home buying process. With the right real estate agent and lender, they will be walking you through all of these steps ahead of time.
Review your closing costs and fees: Before closing, you’ll receive a closing disclosure statement that outlines all of the costs and fees associated with your home purchase. Take the time to review this document carefully and make sure you understand what each fee is for. Determine how you’ll pay for your closing costs: You’ll typically have a few options for how to pay for your closing costs, such as paying them out of pocket, rolling them into your mortgage, or negotiating with the seller to cover some or all of the costs. Consider which option makes the most sense for your financial situation. Get cashier’s checks or wire the funds: If you’re paying your closing costs out of pocket, you’ll need to bring cashier’s checks or wire the funds to your closing. Make sure you have the correct amount and that the checks are made out to the correct parties.
At the closing, you’ll be asked to sign a number of documents, including the final closing documents and the mortgage documents. It’s important to carefully review these documents and ask any questions you may have before signing. You’ll also need to pay any closing costs or fees at this time, and may need to provide proof of insurance or other documentation as required.
Once you have signed all of the necessary documents and paid any closing costs or fees, the closing process is complete, and you’ll be able to take ownership of your new home. This is a big milestone, and it’s a good idea to celebrate this exciting moment with your family, friends, and real estate team.
In conclusion, the week before closing and closing day are exciting times, as you prepare to finalize the home buying process and take ownership of your new home. By staying organized and on top of your tasks, you can help ensure that the closing process goes smoothly and you are able to celebrate this important milestone with your loved ones. Once all documents and funds have been recorded with your local county, the title company and/or real estate agent will arrange for you to retrieve your keys to your new home!