This video is part 2 of closing costs and we’ll go over what to expect on closing day and how to ensure a smooth closing. If you haven’t watched part one, make sure to watch that video first.
On closing day, you'll meet with various parties involved in the transaction, including your real estate agent, the seller's agent, a representative from the title company, and possibly an attorney.
Here's what you can expect:
1. You will review documents: You'll be required to sign numerous documents, including the closing disclosure, mortgage documents, and any additional paperwork related to the transaction. Take your time to review each document carefully and ask questions if anything is unclear.
2. Go over payment of closing costs: Prior to closing day, your lender will provide you with a closing disclosure outlining the final closing costs. Be prepared to bring a cashier's check or arrange for a wire transfer to cover these costs.
3. Verification of Funds: The title company or closing agent will verify that the necessary funds are available to complete the transaction.
4. Transfer of Ownership: Once all documents have been signed, and funds have been disbursed, the property's ownership will be transferred from the seller to the buyer.
5. Receiving the Keys: Congratulations, you're now a homeowner! You'll receive the keys to your new home and can begin moving in.
Tips for a Smooth Closing
To ensure a smooth closing process, consider the following tips:
Stay Organized: Keep track of all required documents and deadlines throughout the home buying process.
Communicate Openly: Maintain open communication with your real estate agent, lender, and closing agent to address any concerns or questions promptly.
Review Closing Disclosure: Carefully review the closing disclosure provided by your lender to verify the accuracy of closing costs and loan terms.
Perform Final Walk-Through: Before closing, conduct a final walk-through of the property to ensure it's in the agreed-upon condition.
Conclusion
Closing day marks the end of your home buying journey and the beginning of an exciting new chapter in your life. By understanding closing costs and knowing what to expect on closing day, you can approach this milestone with confidence and peace of mind. Remember to work closely with your real estate agent and other professionals involved in the transaction to ensure a successful closing experience.
Zealty Home Advisors is here to guide you through every step of the home buying process. Contact us today at (515) 329-4667 or email us at zelda@zealtynow.com to learn more about how we can help you find your dream home.
