What Happens at a Closing

The end is in sight. You are hours away from officially owning your new home. But to get to the finish line, you must attend the dreaded closing. Here’s what to expect:
 
Who Attends – Closing procedures vary from state to state and even county to county, but these people will likely be required to be present at the closing. Closing agent, attorneys of either side if they have them, title company representative, the home seller, real estate agent of the seller, the lender and you, the buyer! The closing agent will run the meeting and make sure all documents are signed, and all fees are paid and adequately distributed.
 
What You’ll Need – Besides patience and a smile, you must have the following to finalize your home purchase: State authorized photo I.D, a certified or cashier’s check to cover any costs you still owe, proof of insurance to go into effect on closing day, and lastly, the final purchase and sales contracts.
 
What You’ll Sign – Get your signature ready because you will be signing a lot of documents on closing day. Make sure you read every document before you sign it. These documents will include the agreement between you and your lender, regarding the mortgage terms, and the agreement between you and the seller, transferring the ownership of the property.
 
What You’ll Pay – Did you think you were done writing checks for your new home? Not so fast. On closing day, you will still be writing checks for a few final costs. These costs include the application fee, appraisal fee, attorney fee, and closing or escrow fee.