What Happens at Closing?

Congratulations, you have endured the loan approvals, the inspections, the negotiations, the walk-throughs and it’s closing time.  Just as you made it through each step that brought you to this moment, you should be excited, you’re about to close on your new home.  The closing is the final step in the process before you are handed the keys, it’s when the buyer and seller officially sign the documents and ownership is transferred to you.

The process may involve you, the seller, real estate agents, your attorney, the lender’s attorney, title or escrow firm representatives, clerks, secretaries, and other staff.  If for some reason you are not able to attend, you can have an attorney represent you.

Exciting as it may be (just give me the keys already) know that closing can be as quick as an hour, to several hours if there are contingency clauses or escrow accounts that need to be set up.

Suggested Reading: Home Plus Program

Prior to closing, you should review the closing disclosure. You can expect to receive the closing disclosure from your lender at least three days before closing.  The closing disclosure outlines the final closing costs; any outstanding charges or fees; and the terms of your loan.

Once you, (the borrower) sign the closing disclosure, there’s a three-day waiting period before you can sign the mortgage loan documents

Attorneys and real estate professionals take care of most of the closing paperwork.  And while they have taken care of all of the legalities, your responsibility is to bring a cashier’s check to make your down payment.

Once you’ve reviewed and signed all closing documents your representative will deliver the check to the seller, and then you will receive the keys to the house and you will officially be a new homeowner.

The Certo Team
55 N. Arizona Place Suite #103
Chandler, AZ 85225

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