You’ve found your dream house and can already picture your curtains and couches. But before you can take possession of your new home you’ll have to complete the closing.
The closing is the most important part of the process, but if you’re going through it for the first time, there is no reason to feel intimidated. These are some of the things you can expect during your real estate closing.

What Is The Closing Process?

The final step in the home buying process, the closing is where money and keys exchange hands and contracts are officially signed. The day or two before your closing is when you will do a home inspection to verify that the condition of the property is as stated.

You can expect a fair amount of paperwork at the closing, although more and more real estate professionals are looking to e-closings as a way to simplify storing and disseminating documents. Some of the forms to familiarize yourself with before closing date include:

    • Lender Documents: You will receive your Closing Disclosure form at least three days from your closing date. This document will be the final loan terms you agree to for your mortgage, so be sure to look it over carefully. You should compare it with the Loan Estimate you were provided after you applied for a loan to see if any terms have changed.


    • Proof of Insurance: You’ll need to bring along evidence that you have homeowner’s insurance before taking ownership.


    • The Contract: Before signing anything you’ll want to verify that everything in your contract is as agreed with the seller. If they promised to include something with the purchase, make sure it is stated in the contract.


    • Home Inspection Reports: When you do your final walkthrough you’ll want to have the home inspection reports handy to verify that all issues are resolved. Along with the report, you’ll want to bring a home appraisal.


  • Title Report: It is imperative to verify that the property you are about to purchase has a clear title, and running a thorough report is the only way to do so.

Once all documents have been signed by all parties, closing costs and fees will be paid, and you will be given the title to your new home.

The closing is the last step to becoming a homeowner.

How Long Does A Typical Closing Take?

The closing time will depend on when things get started, how prepared everyone is, and whether or not any issues arise. However, it is a good idea to prepare for between one and two hours – although also be ready for things to run over.

You don’t want to feel rushed on the day of your closing because you will need to stay focused on reading everything that you sign. Both your mortgage documentation and your contract with the seller need to be fully understood before you agree to them.

If you are starting out on the journey to homeownership, take the first step by getting pre-qualified for a loan at the best mortgage rate. Answer a few questions here and a home lending expert will contact you.