1. Review the Closing Disclosure: A few days before closing, you will receive a Closing Disclosure from your lender. This document details the final loan terms, including your monthly payments, loan interest rate, and closing costs. It’s crucial to review this document carefully and compare it with your Loan Estimate to ensure everything aligns with what you were originally quoted. Any discrepancies should be addressed with your lender immediately.
2. Final Walk-Through: Typically conducted 24 hours before closing, the final walk-through allows you to inspect the property one last time. This ensures that the home is in the condition agreed upon and that any requested repairs have been completed. If you notice any issues, communicate them to your real estate agent promptly so they can be addressed before closing.
3. Gather Necessary Documents: Prepare all required documentation for the closing meeting. This usually includes a government-issued ID, proof of homeowners insurance, a copy of the purchase agreement, and a cashier’s check or proof of wire transfer for the closing costs and down payment. Your lender or closing agent will provide a detailed list of what you need to bring.
The Closing Meeting
1. Signing the Paperwork: During the closing meeting, you will sign a significant number of documents. These include the mortgage agreement, the promissory note, and the deed of trust. Your closing agent, often a title company representative or attorney, will guide you through each document, explaining its purpose and answering any questions you might have. Take your time to read and understand what you are signing.
2. Paying Closing Costs: At closing, you will need to pay the closing costs, which can include loan origination fees, appraisal fees, title insurance, and escrow fees. These costs are typically 2-5% of the loan amount. This payment is usually made via a cashier’s check or wire transfer, as personal checks are generally not accepted.
3. Title Transfer: Once all documents are signed and funds are disbursed, the title company will record the new deed with the county recorder’s office, officially transferring ownership of the property to you. This step is crucial as it ensures that you are the legal owner of the home.
Getting Your Keys
1. Confirmation of Closing: After the title is officially recorded, you will receive confirmation that the closing is complete. Your real estate agent or closing agent will notify you that you can now take possession of the property.
2. Receiving the Keys: This is the moment you’ve been waiting for—the handing over of the keys. Your real estate agent will typically give you the keys to your new home immediately after the closing is confirmed. Some sellers might leave the keys at the property or with the closing agent, depending on prior arrangements.
3. Moving In: With keys in hand, you can now move into your new home. It’s advisable to change the locks for added security and peace of mind. This is also the perfect time to set up utilities, internet, and any other services you’ll need in your new home.
Conclusion
Closing on a home and receiving your keys is a momentous occasion, marking the end of the home-buying process and the beginning of homeownership. By understanding each step involved in the closing process and preparing accordingly, you can ensure a smooth and successful transition into your new home. Congratulations on your new journey!
For help in buying a home in the Woodinville WA area? Give Butler & Butler Real Estate a call.
Contact Butler & Butler for all your Woodingville, Washington real estate needs or keep reading from 10 part series below.
- Financially preparing to buy a home including your credit score & a down payment.
- Choosing the right mortgage and getting pre-approved
- Needs vs Wants When Buying A Home
- Location, Location, Location – How to Decide Where to Buy a Home
- Finding the right real estate agent for you
- Red flags and things to know before you look at homes
- Viewing homes, open houses & home tours
- Making an offer, negotiations & and if someone else ofer gets accepted
- Escrow, home inspection & appraisal
- Closing & getting your keys