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 purpose of a final walk through is to make sure the home is in generally the same condition since the home inspection, free and clear of debris, broom swept cleaned, and any home inspection repairs that were agreed to be made, were actually made. Your agent will test all the fixtures, plumbing, appliances, and major systems. We also visually inspect the home to make sure the seller did not cause any damage since the home inspection or upon moving out. 

Home Inspection Repairs

Home inspection repairs will also be verified at the final walk through. Invoices and receipts for all home inspection repairs should be provided to the buyers before the final walkthrough. If anything is out of order, there are a number of scenarios that can play out including a post settlement contractural addendum that can require repairs after closing, credits for repairs, or settlement can be delayed. 

What Is The Closing Process?

On closing day, buyers and sellers, sometimes together and sometimes separately, sign the documents necessary to formally sell a home and transfer the title to the new owner. Buyers will also finalize the mortgage documents at this time. The closing agent will run the proceedings and prepare all the paperwork ahead of time. This agent will move all the money via wire transfers and file the documents with the appropriate government agencies once the closing is completed. 

All parties involved should be in attendance for closing. Each side (buyer and seller) will bring their real estate agents involved in the sale. The figures at closing should be in accordance with your final closing disclosure that was provided by your lender. 

What To Bring

All parties in attendance to the closing should bring their government issues photo ID. You will also need to bring a cashier’s check (or you can use a wire transfer) made out to the title company.  The settlement company or your lender will give you an exact dollar amount for your cashier’s check at least one day prior to closing. Bring your regular checkbook just in case there are any mistakes in the documents, as a precaution. 

Closing should be a pleasant and fun day. Final walkthrough and closing should each take about an hour. If you have any questions or concerns, please feel free to reach out to us.