Close On Your New Home

Before closing, walk through the property with your real estate agent and make sure that everything is in order. If the seller agreed to make any repairs, the walk through is the time to ensure that the seller has actually completed them.

Then, review your Closing Disclosure. It will outline the terms, final closing costs and any outstanding charges or fees included in your loan. Your lender will send the disclosure to you at least three days before closing.

During closing, the property title will pass from the seller to you. A closing agent will oversee this process, which typically takes place at a title company, management firm, escrow office or your home.

The closing agent will ensure that all necessary parties are present at closing. The agent acts as a mediator between you and the seller and confirms that all required documents are signed. Once documents have been signed, the agent will ensure that all funds, including closing fees and escrow payments, are paid and properly disbursed.

During closing, you have two major responsibilities:

1. Signing legal documents: This includes the Closing Disclosure, promissory note, deed of trust and certificate of occupancy.
2. Paying closing costs: This may include fees for your mortgage application, appraisal, survey, title search and funds to establish an escrow account. An escrow account is used to pay for property taxes and insurance premiums.

While the home buying process can be confusing, these 12 steps will help you get through it unscathed. If you’re still unsure about any step, we’re happy to talk to you about it. You can contact a Home Loan Expert online or call (949) 333-4636.