What Should I Expect During My Home Closing?

 Posted on November 04, 2020 in Real Estate

Homeownership is an important goal for many American families. Buying a home is an exciting prospect, but the process of doing so can be very complicated. Once you get pre-approval for a mortgage, sign a purchase contract, and put down earnest money, this process begins, and you will spend the next several weeks working to complete the necessary steps to close on the home. As you prepare to move in, you will want to understand exactly what will happen at your home closing. With the right real estate attorney on your side, you can make sure the closing process proceeds smoothly, and you can make sure you are ready once your closing date arrives.

Steps Followed at Your Closing Date

Multiple people may be present at your closing, but the parties will usually include you (the buyer), your attorney, your real estate agent, and a closing agent who works for your mortgage lender or the title company. The seller or their real estate agent may also attend the closing. You will want to bring a cashier’s check in the amount of your closing costs, along with proof that you have obtained homeowner’s insurance and completed a home inspection, as well as any other documentation required by your lender.

Most of the time during your closing will be spent signing paperwork. Your attorney or the closing agent will explain each document to you so you understand what you are signing, your rights, and whether you will need to meet any additional requirements. The documents you will need to sign include:

• Deed of trust or mortgage - This states that the lender is placing a lien on your property, which will be collateral for the mortgage on your new home.

• Promissory note - This legal agreement describes the specifics of your mortgage, including the total amount of your loan and when and how you will make payments.

• Closing disclosure - This document details all information related to your mortgage, including the terms of the loan, the interest rate, and the closing costs. You will be provided with a copy of this disclosure prior to your closing date, and you will be able to compare it with the information provided in your loan estimate, allowing you to verify that all details are correct.

Once everything has been signed during the closing, your attorney and the closing agent will ensure that everything is filed correctly and make all payments to the proper parties. You will receive copies of a number of important documents, including the deed to your home, and you will want to keep these in a safe place. In many cases, the date of closing will also be the move-in date, and you will receive the keys to your new home and be ready to begin your new life as a homeowner.

Contact Our North Chicago Home Closing Attorney

At Newland & Newland, LLP, we can help you complete the home closing process as smoothly and efficiently as possible. We will work with you to identify and resolve any issues that may delay closing, and we will walk you through the closing process to ensure that you understand your rights and responsibilities. To schedule a free consultation with an experienced Libertyville real estate lawyer, contact us today at 847-549-0000.

Sources:

https://bettermoneyhabits.bankofamerica.com/en/home-ownership/what-happens-at-closing

http://www.homebuyinginstitute.com/closing.php

https://www.bankrate.com/mortgages/understanding-the-closing-process/