While you’re getting ready to close on your new home, what’s going on behind the scenes? Here’s a checklist of tasks that typically happen:
1. Your contract is reviewed. This ensures all your contingencies are met, your loan information is correct, your name is spelled correctly, etc.
2. Your loan is verified. This ensures that all your funds are there and you’ve met all the terms of the loan process. Your lender will also check your employment history and your credit. This all happens typically the day before closing.
3. Your deed for the home is checked. This involves title work and a title search to verify that there are no liens on the property or any other surprises. The title insurance policy is also prepared to ensure the title is free and clear.
4. You receive the survey of the property (if you ordered one). This survey will then be verified so it matches with the written description of the property.
"Double-check the numbers before signing on the dotted line. "
5. You do a final walk-through. You and your agent will walk through the home to confirm that everything is in working order and exactly how you purchased it. We typically recommend doing this the day before closing.
6. You receive a closing disclosure. You receive an estimate of your closing costs during the initial phase of the closing process, and this document breaks down all of those closing costs. Your lender usually sends it to you three to four days before closing. Double-check the numbers before signing on the dotted line.
7. You sign a lot of paperwork come closing day. If you’ve bought a home before, you know that you need to bring both hands with you on closing day because you’ll be signing a lot of papers. Transactions with conventional loans typically involve more paperwork than cash transactions, and transactions with government loans (VA or FHA) usually feature even more paperwork.
8. The deed is sent to the courthouse and recorded. Afterward, that document is sent back to the title company, who then sends it back to you. You should get it in the mail two to six weeks after closing.
If you have questions about the closing process or there’s anything else I can assist you with, send me an email and I’d be happy to help you. I hope you have a fantastic day!
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