What Happens on Closing Day

Are you wondering what happens at a closing? Well, that’s what we’re talking about today. So this is the fun stuff. Either you get the keys, if you’re the buyer or you get you’re check if you’re the seller.

I guess this could be called a table closing, but they just call it that in the South and we’re not in the South, we’re New Englanders so we just call it a closing. Back in the good old days, about 16 years ago, the buyer and seller would actually shake hands and meet, but typically now the sellers do not attend as they’ve already signed all the paperwork a few days before the closing. So it’s just the buyer, the buyer’s attorney, and the real estate agents.

Before you get to the closing, there’s an important step the buyers need to go through and that is called the final walkthrough.

The sellers have moved out and the buyers, go to the house, on the day of closing and make sure the home is to the manner to which they expect and that a tree or a car hasn’t run into the house. Yes, this does happen, but not very often, so don’t worry.

So after the walkthrough, you as the buyer, you go to your attorney’s office or the Registry of Deeds and you bring a photo ID. It used to be two forms but, one is just fine now. It’s very important to bring this because it’s a big purchase and you have to verify who you are.

Additionally, you’re going to bring the cash to close. It’ll include your closing costs and the rest of your down payment. The attorney’s only take cashier’s checks and they should’ve contacted you about three days beforehand to tell you what the final numbers.

Go to the bank ahead of time because it takes the bank a little while to process it. And on the day of closing, it’s super exciting and we really just need to get to the walkthrough so that you can get to the closing. So you’ll sit down with your attorney and he or she will go through all the paperwork that needs to be signed and you will sign your name and initial and sign your name promising that you’re going to give your life away and pay back the lender and you’ll sign your name again and again and again and that you promise to pay back the loan. You sort of get the idea right? The bank wants to know you’re going to pay back the loan. That’s the majority of what the paperwork is and then there’s a few documents transferring the ownership from the seller to the buyer.

If you are paying cash for the house, you will have far less paperwork because there isn’t a lender involved. After all the paperwork is signed and the deed is recorded, the money is transferred from the lender to the seller and the seller’s mortgage is paid off and the sellers receive their proceeds check. At the same time, the buyers receive the keys to the house.

So if you’ve just started house hunting, I’ve done a video on what the entire home buying process is and I lay out all the steps so you know what all the milestones are before you get too far in the process.

If you have any questions, reach out to me. I would love to help you. I’m Julie Marion with Hottel Real Estate where we buy and sell every home as it is our own. Make it a great day.

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