Home closure is the last and most important step in the home buying process. Once all the settlement documents are signed and funds are distributed, the transfer of property ownership will take place. Here are a few things that you need to know until the closure is complete. At Home Loan Comparison we encourage homeowners to be fully aware of the home closing process.
Before Closing
You will receive an initial closing disclosure (CD) document at least 3 days before closing. It shows the terms of your loan, closing costs and the amount of money needed to close. Check that all the fees and other details shown in the document are correct. Your settlement agent should have also informed you about wiring the closing funds to them.
If you want to seek clarification about any item, meet your loan officer. As the date and time of settlement is already intimated to you, just confirm it with the settlement agent. Remember that the settlement process takes a couple of hours and you need to arrange your work schedules accordingly
Closing Day
- Documents to Bring- Bring with you the proof of wire transfer if you have already wired the money to the title company. You will need your check book for any payments due to last minute changes to CD. Make sure that you have carried your ID such as passport or driver’s license.
- Attendees For Closure-Among the few people present at closing will be your real estate agent and title insurance company/settlement agent. Their role is to hand hold you through the closing process and ensure everything is organized smoothly. Your loan officer may be present. The seller and their agent may or may not attend because they can sign their documents at a different location even prior to closing.
Signing Of Documents
We at Home Loan Comparison always recommend that you maintain focus and an eagle eye while conducting any real estate processes. A number of documents such as the CD, deed of trust (DOT) and the note need to be signed and checked at closing.
Be careful to check that your name on the documents is spelled correctly. A second check is the property address on all documents. In case of mistakes, bring it to the notice of the settlement agent to get them corrected and recheck them.
Home Key Handover
After the reviewing and signing of documents are completed, the keys of your house will be handed over to you. Now you are the owner of the house ready to enjoy your new premises.