There are few more exciting moments in life than having your bid accepted when buying your first home. Unfortunately, it’s not as easy as just signing on the dotted line and getting the keys. Once your bid is accepted, a closing date will be set. On the day of the closing, a lot will need to be done. The following is what you can expect at closing:
- You’ll do a final walkthrough – Usually, you’ll do a final walkthrough 24 hours before the date of the closing to make sure everything is in order. A final walkthrough is necessary to make sure no problems have popped up.
- You’ll meet with a group of people – Expect a small group of people to be present at the closing, including the seller, their real estate agent, your real estate agent, their attorney, your attorney, a title company representative, and a representative of your bank or lender.
- You’ll need to bring paperwork – As the buyer, you will be required to bring a copy of the contract, home inspection reports, proof of homeowner’s insurance and a government-issued photo ID.
- You’ll need to bring your down payment – Find out before the date of the closing how you should pay. You may be able to perform a wire transfer ahead of time. In some cases, you may need to get a cashier’s check.
- You’ll need to pay several fees – Bring your checkbook because you’ll need to pay several different fees, including title search fees, loan origination fees, appraisal fees and more.
- You’ll need to sign documents – One of the reasons your lawyer should be present is because you’ll need to sign numerous documents to make the purchase official.