What to Expect at Your Real Estate Closing when Buying a New Home
Prepare yourself for the real estate closing with this home buying guide explaining the closing process for buyers.
Are you a first-time home buyer and not sure what to expect at closing? The day you close on your new home is an exciting day and hopefully one without any surprises. This home buying guide will walk buyers through the real estate closing process to better prepare you for buying a North Carolina home.
Days Leading Up to Your Real Estate Closing
After going through the mortgage pre-approval process, negotiating the purchase offer, wrapping up the home inspection and completing the other necessary steps of a real estate transaction, it is almost time to close on your new home. In the days leading up to the real estate closing, buyers will want to stay in close contact with their real estate agent to ensure there are no last-minute surprises.
Before the closing, buyers will need to complete a few tasks. Utilities will need to be transferred into the buyer’s name and homeowner’s insurance will need to be purchased. For the first-time home buyer, make sure you follow the advice of your real estate agent and follow-up promptly with any requests or requirements.
Importance of the Buyer’s Walk-Through Inspection
It is important that buyers inspect the home they are buying on closing day. In our “final walk-through inspection” article, we discuss how important this inspection is when purchasing a home. When buyers walk through the home for a final time with their North Carolina real estate agent, they should make sure all repairs are acceptable, everything is in working condition, the home is clean, no fixtures were removed and any items which were to be conveyed in the purchase are still at the property.
First-Time Home Buyer – Sitting at the Closing Table
Where will your closing take place and who will be sitting at the closing table with you sign the final papers? Unlike some states where a closing takes place at a title company, North Carolina real estate closings involve a real estate attorney and often take place at that attorney’s office. Along with your real estate agent and the attorney, others who will be at the closing may include the listing agent, seller and a mortgage lender representative.
What to Bring to Your Real Estate Closing
On the day of your closing, buyers will need to bring a few items. First, buyers will need a photo ID, which is often a driver’s license or passport. Buyers will also need to bring proof of insurance for the mortgage lender and certified funds to pay closing costs and mortgage down payment. Remember that cash and personal checks are not acceptable forms of payment.
Reviewing and Signing Documents
The majority of time spent during your real estate closing will be devoted to reviewing and signing documents. The purchase agreement, truth in lending statement, mortgage documents, title documents and settlement statement are just a few of the real estate transaction documents you will review and sign. Some good advice for first time home buyers is to rest your signing hand the day before closing because you will be giving it quite a workout signing all that paperwork.
Once you’ve signed your way through the closing, there is only one thing left to do: get the keys to your new North Carolina home. Have any other questions about what to expect at your closing? Ready to start your home search and to buy a new home in Raleigh, Durham and Chapel Hill? Contact us today to experience a smarter, more successful way to buy your dream home.