Purchasing a home is an exciting time for first time home buyers, but the process of working out the details – particularly the home closing process – can be overwhelming for many, especially if they are not well informed on what is to be expected.
The home closing process can be a simple process, but many times it is riddled with unexpected twists and turns that can catch you by complete surprise if they are not anticipated. By understanding key details about the home closing process – including how to prepare, what to bring with you and what to look for in the closing documents – you can ensure the process goes smoothly.
How to Prepare
There are several things that should be done before the home closing process to ensure everything that is supposed to be included in the contract is covered.
First and foremost, it is important to review the closing documents or have your real estate review the closing documents, and check to make sure there are not any unexpected additionals to the disclosure and everything is included. In most cases, the lender sends the document to the home buyer three days prior to the home closing.
It is also highly encouraged to do a walk-through of the home to ensure all requested repairs are made and the house is in the condition that is expected. If a repair has not occurred or the home is not in the right condition, a deposit into escrow for the necessary repairs can be made or the closing can be delayed.
What to Bring
There are two main things that the home buyer should bring with them to a home closing, which are the signed legal documents and the payment for closing costs and down payment.
Be sure to read all of the documents required in the sale before signing to ensure everything is accurate, and avoid signing any documents that have blank lines or spaces. You are also expected to make the down payment and cover the closing costs at the home closing, so be sure to come financially ready.
A valid photo identification is required at the time of the signing as well.
People to Expect
Many first time home buyers may become overwhelmed by the number of people that are in the room at the time of a home closing.
The exact cast of characters at a home signing is different for each signing, but here is a list of people that can often be expected at a home closing:
- Home seller
- Home buyer
- Seller’s real estate agent
- Buyer’s real estate agent
- Home and seller attorneys
- Title company representative
- Bank or loan representative
There are often some unexpected occurrences during a home closing, such as a missing document or someone showing up late.
It is important to understand that home closings often are hectic and to stay calm if things become overwhelming, and remember that at the end of the day you will have your very own home.
EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.
EXIT Realty Bob Lamb & Associates
2630 Memorial Blvd, Murfreesboro, TN 37129