The thought of owning a new home can be very exciting. But before you receive the keys, here’s a closing day checklist that will guide you through this final step.
Who is involved?
When moving towards the closing of the home buying process, you will have to work with some parties. These parties include:
- Real estate agents for you and the seller
- Your notary/lawyer or closing agent
- The seller’s notary/lawyer
- Your title insurance company or a lender’s representative
What do you need to do?
At closing, you will need to do the following:
- Sign all the financial/legal documents. For instance, an agreement between you and the seller showing the transfer of ownership and the terms and conditions of the mortgage.
- Ensure you pay all the closing costs or the fees associated with acquiring the mortgage and transferring ownership of the property.
- Review all the documents thoroughly making sure that your personal details are correct in all the forms.
- Ensure that you understand the type of loan, all the fees, schedule, rates and the payment amount. Confirm if they are what you have been expecting.
- If you are uncomfortable with the deal, kindly walk away from it.
What do you need to bring?
- Bring a cashier’s proof or check of wire transfer for the sum of your closing balance.
- Bring two forms of your ID.
- Bring proof of the property insurance.
- Bring the closing disclosure. This document contains the terms of your loan and also the final numbers of all the closing costs.
Once you have nailed down the closing day checklist then congratulations, you are now a new homeowner. If you’re looking for an experienced real estate lawyer who will help you to understand all aspects of buying a home, SatLaw is ready to help you out. Feel free to contact us for more information.