At closing, you have two major responsibilities:
- Signing legal documents: This includes the Closing Disclosure, promissory note, deed of trust and certificate of occupancy.
- Paying closing costs: This may include fees for your mortgage application, appraisal, survey and title search as well as paying your down payment.
Your lender is required to provide a Closing Disclosure, which tells you what you need to pay at closing and summarizes your loan details, three days before signing paperwork on your property.
Carefully read through your Closing Disclosure and make sure the numbers don’t vary too much from your Loan Estimate, which you would have received three days after your initial application.
On closing day, you will meet your realtor at the closing or title company to sign paperwork. There will be many legal documents to sign, including mortgage documents and promissory notes.
The signing can take a few hours to complete so wear comfortable clothes and arrange for baby sitting if needed.
At closing, you are essentially completing the transfer of ownership.
Once you fill out the paperwork, submit the required payments, and have it notarized, the seller will give you the house keys and garage door openers.
Here are some things you must bring to closing:
- Government ID for all buyers
- Cashier’s check for the closing costs
Congratulations, you are now a home owner!
