The closing process is the final step in buying or selling a home, and it can feel overwhelming if you’re unprepared. Understanding each step helps ensure a smooth, stress-free experience.

Review the Closing Disclosure (CD)

A few days before closing, you’ll receive a Closing Disclosure that outlines:

• Loan amount and interest rate
• Monthly payments
• Closing costs
• Cash needed at closing

Tip: Compare it to your Loan Estimate to ensure no surprises.

Final Walkthrough

Before signing documents, schedule a final walkthrough:

• Verify agreed-upon repairs are completed
• Check appliances, plumbing, and electrical systems
• Ensure the property is in the expected condition

This protects you from unexpected issues after closing.

Prepare Required Documents

Bring these items to closing:

• Photo ID
• Proof of homeowner’s insurance
• Certified or wired funds for closing costs
• Any additional lender or title company documents requested

Understand Your Costs

Closing costs typically include:

• Loan origination fees
• Appraisal and inspection fees
• Title insurance and escrow fees
• Prepaid taxes and insurance

Sellers may also pay agent commissions, repairs, or prorated property taxes.

Sign Documents

During closing, you will:

• Sign the mortgage or deed of trust
• Sign the promissory note
• Sign state and local transfer documents

The title company or attorney will guide you through each page.

Fund the Transaction

Once signed, your funds are transferred:

• Buyer’s down payment and lender funds go to the seller
• Lender secures the mortgage
• Title company records the transaction with the county

Receive the Keys

After recording, the home officially belongs to the buyer. Congratulations! Tip for Sellers: Make sure all utilities are transferred and the property is clean and ready for the new owner.

Post-Closing Tasks

• Keep copies of all documents
• Update your address with banks and service providers
• Consider a final walk-through with your realtor if selling

Realtor Tip

Having an experienced agent or transaction coordinator ensures deadlines are met, documents are accurate, and nothing falls through the cracks. Their guidance makes the closing process smooth for both buyers and sellers.

Align Right Realty Riverview