How to Prepare for the Closing

Review your Closing Statement.

Review the closing disclosure form a few days prior to closing. If you have applied for a mortgage, review your Closing settlement statement. This statement outlines your exact mortgage payments and loan terms and any additional fees such as closing costs. Compare the Closing to your good-faith estimate from your lender to make sure they are similar.

Do a Walk-Through of the Home.

A buyer’s contract typically allows for a walk through of the home 24 hours before closing. This will allow you to make sure that the owners have vacated the property. It will also make sure that the home is in the condition that you have agreed upon. If you had a home inspection that revealed problems that the seller agreed to fix, take this opportunity to make sure the repairs were made.

If you find problems with the home, bring them up to the seller right away. Any issues should be resolved before closing.

What to bring to the closing

You will want to bring proof of your homeowners insurance, anything the bank required of you to approve the loan, plus a government issued ID. The disclosure form will indicate how much to bring to closing. Be sure to inquire as to whether a wire transfer is required or a cashier’s check well in advance. Also, bring your checkbook for any smaller fees that might pop up.

What Happens atClosing?

Typically your closing agent will have cleared title prior to the day of closing, which is necessary in order for you to actually own the property. Expect to be signing a lot of paperwork that day. Once paperwork is signed and funds have cleared, you will be given all of the keys and garage clickers and the home will be yours!

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