Closing on your first house is a time to celebrate — after all, it’s an important milestone in your life! And it’s the last step in buying your new home. The actual closing and paperwork can be tedious and sometimes a little overwhelming, but we’re here to help. Here’s what you should expect on closing day.
How Long Does Closing on a House Take?
Closing on a home usually takes place four to eight weeks after the offer on the home is accepted. This allows time for home inspections, home appraisals, funding and title searches.
What Happens at Closing?
On closing day, the ownership of the property is transferred to you, the buyer. This day consists of transferring funds from escrow, providing mortgage and title fees, and updating the deed of the house to your name. Basically, come closing day, you and the seller sign all the necessary papers to officially seal the deal.
What to Bring to a House Closing
Be proactive and gather the following items that you’ll bring with to the closing:
Closing paperwork
Bring all necessary paperwork with you to closing to make sure nothing is missing, different or overlooked. Some important documents include a photo ID, your home insurance certificate and cashier’s or certified check.
Proof of homeowners insurance
Lenders require an insurance policy before closing. Reach out to your agent to get your new homeowners insurance in place.
Cashier’s or certified check
You’ll pay your closing costs with a certified check or a wire transfer from escrow.
Photo ID
You’ll need to bring a government-issued identification for the title company.
Home Buyer's Checklist Before Closing
Before closing day, review the following checklist to ensure you’ve got everything in order to make the closing day process as smooth as possible.
Contact the closing agent
Once you know who your closing agent is and where they’re located, it’s a good idea to contact their offices to see if they have any special instructions for you. They’ll typically have a list of items you’ll need to bring.
Review your closing documents
Legally, you should receive your closing documents three business days before closing. Make sure you read them prior to closing day so you understand what you’re signing and check that there are no errors. Take notes if you have questions or concerns — you may want to address them before the closing.
Check the basics
Double check all of the basics — spelling, numbers, names, etc. — just to make sure there are no small errors that could turn into bigger issues down the road.
Check the fees
Your most recent loan estimate should be close to your closing disclosure. Some fees may change a little, but there shouldn’t be any big surprises at this stage.
Review seller responsibilities
Review your final walk-through checklist to make sure the seller has taken care of their responsibilities.
Be payment ready
Expect to write that check for closing costs. Plan in advance if you’re transferring funds from another account so they’re cleared.
Bonus closing tip
Write a nice note or give a small gift to the sellers. With a small act of kindness, you can make a fresh start in your new home on a positive note.
FAQs
What does the buyer need to bring on closing day?
- Government-issued ID such as a driver's license, military ID, state-issued ID or passport.
- Certified check or cashier's check to cover your down payment, closing costs, prepaid interest, taxes and insurance. ...
- Proof of homeowners insurance.
Ideally, you should plan on taking the day off of work or, at least, half a day to complete your closing. Once you have a confirmed the closing date and time, your next step is to arrange the final walk-through of the home at least one day prior to the closing.
What to do 10 days before closing? ›
Your lender will need an insurance binder from your insurance company 10 days before closing. Check in with your lender to determine if they need any additional information from you. Get a change of address package from the U.S. Postal Service and begin the change of address notification process.
What to expect on closing day as a seller? ›
Closing Day
All bills will be paid such as agent commissions, mortgage payoffs, down payments, etc., and you will receive a proceeds check if one is due to you.
Should I start packing before closing? ›
Pack up Your Home
Maybe you can get a head start on putting everything into boxes and disassembling some of your larger pieces of furniture at the beginning of the week. Then, when your closing day gets closer, you'll be able to move your belongings into a U-Haul or moving van more quickly.
What not to do after closing? ›
What Not To Do After Closing On A House: Avoid Common Mistakes
- Don't Forget To Call A Locksmith. ...
- Don't Skip Following Up On Your Home Inspection. ...
- Don't Refinance Right Away. ...
- Don't Lose Track Of Important Documents. ...
- Don't Forget To Update Providers With Your New Address. ...
- Keep An Eye On Your Credit Score.
For the sellers, the stressors include doubts about the market, the sales price, maybe their agent, the inspection and loan prospects, on top of buyers' and sellers' remorse.
Is closing day exciting? ›
Finally closing on a house is an exciting time, but it can be a little daunting. You're finally on the final leg of purchasing a home, so you want to make sure everything works out correctly.
Is it normal to move in on closing day? ›
The possession date is an important part of a real estate contract, and defines when you can legally move into your new home. Depending on the terms you negotiate with the seller, you may move in immediately after closing or after a certain period of time.
Who is responsible for day of closing? ›
Your lender
The closing agent conducts the settlement meeting, ensures that all documents are signed and recorded, and pays and distributes closing fees and escrow payments properly.
You will ideally want to sign your documents on a Tuesday or Wednesday to avoid this issue. Mondays should be avoided, unless your escrow agent will be able to pay off the loan the same day via wire transfer.
What is the 7 day closing rule? ›
The TRID rule provides that the borrower can waive the seven-business-day waiting period after receiving the LE and the three-day waiting period after receiving the CD if the borrower has a “bona fide personal financial emergency,” which requires closing the transaction before the end of these waiting periods.
Do lenders check your bank account the day of closing? ›
Do mortgage lenders look at bank statements before closing? Your loan officer will typically not re-check your bank statements right before closing. Mortgage lenders only check those when you initially submit your loan application and begin the underwriting approval process.
What happens 3 days before closing? ›
Your lender is required to send you a Closing Disclosure that you must receive at least three business days before your closing. It's important that you carefully review the Closing Disclosure to make sure that the terms of your loan are what you are expecting.
What do you say at a closing ceremony? ›
It is indeed my pleasure to make a few closing remarks and express gratitude to all those who made this event a reality. ➢ Today we achieved an important milestone, today we are no longer alone. ➢ Today we are not a silent minority anymore, today our voice was heard.
What do you say to customers when closing? ›
Use These 8 Sales Closing Phrases to Help Seal the Deal
- "Unless you have any further concerns or questions, I think we can get started." This is a classic "Assumptive Close" line. ...
- "Let's discuss the costs involved with your chosen product." For a lot of leads, pricing is a deal breaker.
Handwritten Note With Closing Gift
Congratulations on purchasing your new home. I am honored to have had the opportunity to represent you in this transition. Wishing you and your family many years of enjoyment, good health, peace, and prosperity in your new home.
How do you congratulate someone on a closing deal? ›
I commend you for your success. I'm so proud of you for closing the deal. Your patience and persistence paid off. We're all overjoyed for the new opportunity that came your way.
