You have found a home you want to buy, you have undergone all inspections and piles of paperwork, and it’s finally time for you to close. At your mortgage closing, several legal representatives may attend, and you will sign your mortgage and other real estate documents. You may also make any required payments, like your down payment, and get the keys to your new house. More specifically, here is what the real estate closing process typically looks like:
- You look over and sign all of your loan documents. Do not sign any of these documents if something looks different than what you initially agreed to or expected.
- If applicable, you provide information about inspections completed and homeowner’s insurance.
- If you owe a down payment on the loan, closing costs, taxes, insurance, or prepaid interest, you provide a cashier’s check or a certified check to cover these costs.
- After receiving these funds, your lender will distribute them to the closing agent.
There are three main documents you will review and sign at your real estate closing. These include the deed of trust, the promissory note, and a closing disclosure.
Most closing appointments take a few hours to complete, but this is the last stage in this process before you get to finally start moving into your new house. If you have any questions about what happens at closing, or if you need an attorney to represent you, please contact our law firm.