Closing on your home
BEFORE YOU CLOSE
WHAT IS CLOSING? Closing is the final part of the homebuying ŏŏ process where you commit to your mortgage and become the legal owner of your new home. On closing day, you’ll sign your loan paperwork, and the property title will be transferred into your name.
To ensure a smooth closing, make sure you’ve taken the following steps prior to closing day:
Get a home inspection. Get a homeowner’s insurance policy. Determine who your closing agent will be.
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Review the Closing Disclosure and make sure any errors are corrected. The lender is required by law to provide this three days before closing. After the Closing Disclosure is issued, you must wait three days to close. If any fees change, another disclosure must be issued and you must wait an additional three days. Ask your lender to provide you with a copy of your other closing documents so you can review them in advance. These include the promissory note and mortgage (also known as the security instrument or deed of trust). Find out how much money will be needed to close and how to transfer payment (e.g., cashier’s check, wire transfer). Do a final walk-through of the home 24 hours before closing to ensure all repairs have been made.
Who will be present at closing?
• Title company • Attorneys (if applicable in your state) • Closing agent
• You (the buyer) • Mortgage (!* !. • Seller • Seller’s Agent
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