Buying your first home is an exciting step. There are many things you must do as you prepare to purchase your first house, and one of these includes the real estate closing.
According to the 2021 Profile of Homebuyers and Sellers, first-time buyers represented 34% of all buyers, so you are not alone in your questions about closing. There are several things you should know before closing to ensure the process goes smoothly.
It takes several weeks to close
Once the seller accepts the offer on your new home, you cannot move in right away. Instead, you will typically have to wait between six to eight weeks for your closing appointment.
You will need to bring documentation
You need to bring several pieces of documentation and information with you to your closing appointment. Plan on bringing a copy of your homeowner’s insurance, a cashier’s or certified check for your closing costs and your photo identification.
You receive ownership at closing
On closing day, you will receive official ownership of the home you purchase. Once you sign all necessary paperwork, the title agency will transfer funds from escrow, the deed of your house will go to your name and you will receive keys to the property.
Closing is the final step in the real estate purchasing process, so there will be several things you need to do before this appointment. Coordinate with your real estate agent to make sure you have everything beforehand and review all closing documents prior to closing day.