By the time you get to closing most all of your questions should have been addressed during the transaction, so when you get to closing you can understand the title process and steps you need to take to become a new home owner, when you get to closing you can proceed with signing of your closing documents. Closing is the most important part of the home buying process, and can be a very exciting time!
What am I signing at closing?
The closing will take place usually at the title company. Most often the come with an inch thick pile of paper slapped down on the table ready for you to sign. These papers include all of the lender documents you sign for the mortgage, all the disclosures from your lender and the title company, and information need to convey title to your name. This can seem daunting to sign. The title agent will explain what you are signing, and your buyers agent will be there also.
How do I prepare for closing?
- You will need to wire your money ahead of time or bring a bank draft check to closing, depends on title company's closing policy. Once the title company get the lender package, they will be able to finalize the closing statement ahead of closing to issue you the final dollar amount to bring to closing.
- If you are the type of person that likes to read all of the fine print, you may want to request your closing package ahead of time to review or hire an attorney to review.
- The title office will require you bring a form of photo identification.
What do I get at closing?
- You will get a paper copy or disc with a copy of all the documents you have signed, including a signed copy of the closing statement/HUD which will be your immediate proof of purchase.
- At the end, you will get the KEYS to your new home!!
- 30-60 days after closing you will get a recorded warranty deed in the mail and a title insurance policy from the title company.
- You will get your home insurance policy in the mail from your insurance carrier.
- You will get an application from the county that you purchased to apply for homestead exemption, if the property will be your primary residence.