What to Expect On Closing Day
Closing time is an exciting day! It is the day that comes with being handed your new keys and toasting to your long awaited new home. To prevent any surprises, we’re disclosing all of the information that you should expect on closing day. So read on and take a mental note of what to expect.
As the buyer, you’ll have your final walk through- ideally the day before closing day. This is to ensure that all of the repairs have been met and the house is in good condition. There are a few other things which you will also want to do before the actual closing day. One of these is to review the final closing disclosure. This document has the potential to change throughout the process, so it’s important to review it once everything has been finalized. This document will cover the final closing costs and any remaining outstanding charges or fees. Your loan officer will get this document to you 1-3 days before closing. Although, there shouldn’t be any surprises on that document as you and your team have likely been working closely throughout the entire process.
At that point, you’ll want to make arrangements to transfer the electricity, cable and internet in your name effective the date of closing. In relation to water, the title company will transfer that service into your name, so you don’t need to worry about that. Also expect to bring a few things to closing. You may have outstanding costs due, whether they be to your lender or to the seller, so find out ahead of time what the appropriate payment is. Sometimes this may be a cashier’s check, or (in the age of technology) you may be able to simply wire the funds from your phone. Government issued ID is also required, so bring your driver’s license to avoid any conflict.
None of this should be too much of a surprise as your loan officer has likely filled you in, but if you have any confusion with the closing process, reach out today!