What Happens at Closing?
All deadlines and contingencies revolve around closing. It is the day buyers are handed the
keys to their new home. For sellers, it can be advantageous to pre-sign all necessary
documents to expedite the funding process on the day of closing.
Fees for obtaining a mortgage are always paid by the buyer. Application fees, points, loan
origination and underwriting fees as well as escrow deposits for homeowners insurance and
property taxes are some that could be included in final closing costs. Your lender can give you
estimates of costs and will provide you with a closing disclosure 3 days prior to the day of
closing with itemized costs. Buyers commonly pay more closing costs than sellers because
many of the costs incurred come from the mortgage being obtained.
The closing agent will go through several documents and explain what they are to make sure
you understand and agree before signing each one. Having seen your closing disclosure in
advance, you will have an idea of costs being discussed during the closing. It is wise to bring a
copy of your closing disclosure with you, but it isn’t required. What you do need to bring is your
license or a picture I.d. and any money you are bringing to the closing should be wired or
brought as a cashier’s check. This is something to discuss with the title company in advance.
Once the documents are signed and the money is received from the lender, you are given the
keys to your new home.
If you have specific questions pertaining to your situation, don’t hesitate to reach out to your
realtor, title company or lender. There is a lot of documentation required in a home sale and as
a buyer or seller, it is important you feel comfortable asking any questions you may have at any
time throughout the process.