What To Expect On Closing Day

Closing day consists of a final walkthrough and settlement (closing). 

Here’s what you can expect to happen during closing day.

The Final Walk-Through

The final walk-through is your last chance to ensure the home is in the agreed-upon condition before closing. This includes verifying that the home is free of debris, broom-swept clean, and that any agreed-upon repairs from the home inspection have been completed. Your agent will test all fixtures, plumbing, appliances, and major systems, and visually inspect the home for any new damage or defects since the initial inspection or contract date.

Home Inspection Repairs

Home inspection repairs are also verified during the final walk-through. Invoices and receipts for these repairs should be provided to the buyers before this walkthrough. If any issues arise, several scenarios can occur: a post-settlement contractual addendum may require repairs after closing, credits for repairs might be issued, or the settlement could be delayed.

The Closing Process

On closing day, buyers and sellers sign the necessary documents to formally transfer the title from the sellers to the buyers. Buyers also finalize their mortgage documents. The closing agent oversees the proceedings, prepares the paperwork, manages wire transfers, and files the necessary documents with government agencies once the closing is complete.

The financial figures at closing should match the final closing disclosure provided by your lender at least 72 hours before settlement. You can expect your real estate agent and the title company representative to be at the closing while the seller will have their own allotted time separately to execute their documents.

What to Bring

For the closing, bring your government-issued photo ID and a checkbook (in case there are any last-minute adjustments). You should arrange a wire transfer to the title company for the total amount of funds needed. The exact amount needed will be provided by the settlement company or your lender at least one day before closing. Be aware of wire fraud and always call to verify any wiring instructions. If something seems suspicious or unfamiliar, let your agent know.

Closing should be a smooth and positive experience. The final walk-through and the closing each typically take about an hour. Once we close, the home is yours! If you have any questions or concerns, don’t hesitate to reach out to us.