After months of searching, you’ve found your dream home, and now it’s time for closing day. It can feel overwhelming, especially if you’re a first-time homebuyer. But fear not, we’re here to walk you through what to expect and what essentials to bring on this important day.
Anticipating Closing Day
Block out a few hours on closing day for paperwork. While it might not take that long, it’s wise to be prepared. Rushing through paperwork is never a good idea – you’ll want to read everything carefully before signing.
Pro Tip: Don’t plan to move in on closing day. Delays can happen, so schedule your move for the day after closing to avoid any last-minute stress.
Who Will Be Present
You may or may not meet the seller on closing day, depending on your location and arrangements. Typically, you’ll meet with a closing agent, who could be a title officer, escrow company officer, or attorney. Their role is to facilitate the transaction impartially and answer any questions you may have. Your real estate agent or attorney might also attend, depending on local regulations.
Pro Tip: Even if not required, consider having an attorney present, especially if it’s your first home purchase.
Essential Documents to Bring
Aside from snacks for sustenance, make sure you have the following documents:
- State-Issued Photo ID: Bring your driver’s license or passport for identity verification.
- Certified Check: Avoid personal checks or cash. The closing agent will inform you of the amount for down payment and closing costs in advance.
- Proof of Insurance & Receipt: You must show proof of insurance and payment for the annual policy before closing.
- Purchase & Sales Contract: While unlikely, it’s prudent to bring the contract in case of any discrepancies.
Taking Title of the Property
Understanding how you’ll take title of the property is crucial. Here are the common options:
- Sole Ownership: Ideal for unmarried individuals, where the property is titled solely in one person’s name.
- Joint Tenancy: For couples, married or not, who want ownership to transfer to the surviving partner in case of death.
- Tenants-in-Common: When multiple buyers share ownership, each with individual rights to sell their share.
After Signing the Last Paper
Take a moment to breathe – you’ve just sealed the deal on your new home! Celebrate this milestone and get ready to embark on the next chapter of your life. Enjoy your new space and perhaps toast the occasion with a bottle of bubbly!
