buying a home

When you’re buying a home, closing day is when the sale becomes official. It’s when the title of the property is transferred from the seller to the buyer. For homebuyers, there’s nothing quite as exciting (and nerve-wracking) as closing day. What few buyers don’t realize is the closing involves much more than just signing on the dotted line.

Here’s a look at what you can expect on closing day:

  • Pay the down payment: If you’re taking out a mortgage, then you’ll need to have the down payment available on closing day. The amount of the down payment will depend on the type of loan you’re getting and the purchase price of the home.
  • Pay additional fees: When you buy a home, there are fees that must be paid in order to finalize the sale. These include the loan origination fee, the appraiser’s fee, the title insurance policy, and more. You’ll need to have the funds for these fees available on closing day in the form of a cashier’s or personal check.
  • Provide proof of insurance: Before lenders will release the funds for the loan, they want to see proof that you have homeowners insurance in place. This is to protect their investment in case something happens to the property.
  • Provide identification: You’ll need to show a form of identification, such as a driver’s license, on closing day. This is required to sign the loan documents.
  • Sign documents: You’ll sign a lot of paperwork, including the mortgage note, the deed of trust (or mortgage), and other documents related to the loan. You’ll also sign all of the closing disclosure documents, which detail the final terms of the loan and the costs associated with it. Finally, you will sign the transfer of the deed, which officially transfers ownership of the property from the seller to the buyer.
  • Receive the keys: Once the closing is complete and all the paperwork has been signed, the seller will hand over the keys to the property.

There’s a lot to do on the day of closing, but if you’re prepared for it, the process should go smoothly. It’s important you work with an experienced real estate agent and loan officer. They can guide you through the entire process of buying a property. For more information on buying a home, contact us at Randy Lindsay today.

MY BIO

Randy has enjoyed over 32 wonderful years in the Real Estate industry making dreams come true for homeowners.

Superior customer service is #1 to Randy and he provides this to all of his clients using knowledge, professionalism, integrity and persistence.

Randy is a successful and experienced real estate agent who expertly represents both buyers and sellers. Scores of Charlotte area residents have trusted Randy in the process of listing their homes to sell.

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