When you decide it’s time to buy a home, you will probably be flush with emotions. You may be nervous about the amount of money you are committing and worried that something will be found in the inspection. Once all the worry subsides, it’s time to move forward with the purchase of the home. So, what can you expect at closing? We will explore closing on a home in today’s post.
There will be quite a few different people present at a residential real estate closing. They include the following:
- A closing agent
- The home seller
- The home seller’s attorney
- Your attorney
- The real estate agent of the seller
- The lender
- Your real estate agent
- You
Be prepared to be at the closing for a couple of hours. This is not a process that lasts just a few minutes or even one hour. You will have a lot of paperwork to sign and plenty of questions. You do not have to rush through the closing process. Take your time and review everything as long as you’d like.
You will receive the following documents at the closing of your new home:
- Certificate of occupancy
- Deed of trust
- Mortgage note
- Closing disclosure
- Initial escrow statement
- Loan estimate
It’s important that your attorney review all of these documents and that you keep them on file in a safe place once the closing is complete.
Now that you know what to expect when you attend a residential closing, you should not be faced with any surprises when you sit down at the table. Make sure you bring your real estate attorney to review all documents and answer any questions you have.