You are near the finish line! Here are the final steps to closing the deal on your new home
Step 10 Closing the Deal
Three to seven days before closing, we will do a Walk-Through to verify all agreed upon corrections have been made, debris is cleared, and the home is in relatively the same condition as when you put in the offer.
At least three days before closing your Lender will send you the Closing Disclosure (CD) with the loan details and final numbers on rates, terms, costs, as well as the amount you’ll need for the down payment. Read this document carefully and verify it is in line with the original loan estimate you agreed to. You’ll need to acknowledge receipt of this CD asap, plus call your Lender if it is incorrect or not in line with your previous understanding.
You will deliver your down payment to Title (or final payment if paying cash).
Review and sign the Settlement Statement or HUD-1, which will incorporate the Lender's CD.
Depending on how things were timed and where funds are coming from, it can take between a few hours to a couple of days for your loan to fund after the signed paperwork is returned to the Lender.
Once funded, Title will send your deed to be recorded with the County. When recorded, you will be the new owner of the home!
What to Expect for Closing Costs:
- Prorated Property Taxes
- Prorated Homeowner’s Insurance
- Lender, Title and Escrow Fees
- Per diem loan interest
- The Lender's Insurance Policy
- HOA Pre-Paids and Fees
- Realtor Commissions (If not paid by Seller)
- Discount points on the loan
What You Should Bring to Closing:
- Your driver's license or other valid, government-issued photo ID
- A cashier's check or proof of wire transfer to pay your down payment and closing costs
- Your copy of the Closing Disclosure or Settlement or HUD 1 Statement to compare to the paperwork you'll be signing
- Numbers for key contacts, such as your agent, lender or lawyer, in case you have questions
Who Should Attend Closing:
All buyers who are going to be on the loan and/or deed should be at closing. If someone can’t be present, it is possible to close using a Power of Attorney.
Typically your Title Agent or a closing agent who is also a Notary will facilitate closing. They are a neutral third party who will help answer questions along the way. And of course, your real estate agent can attend, so make sure you let us know when you’re signing so we can be there to help with questions.
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