You’ve found the right home. Your offer has been accepted. Now it’s time to close.
You “close” on a home when the seller is satisfied that you meet all conditions of the purchase contract. This clears the way for the deed to the property to be recorded in your name.
In most cases, you'll be given the opportunity to inspect the home immediately prior to closing. When you do, check on any work the seller agreed to have done in response to your initial inspection. You should also check the condition of walls and ceilings from which window treatments, pictures or any other attached furnishings have been removed. If you find any problems, don't hesitate to bring them up at the closing. It is the seller's responsibility to correct them.
In preparation for closing, your agent will help you address all of these questions:
- Are all the necessary inspections complete?
- Are all the required repairs complete?
- When will you conduct your final walk-through inspection?
- Is your attorney satisfied that title to the property is clear (no one else has a claim on it)?
- Have you confirmed a date, time and place for your closing?
- Who will conduct the closing?
- Is your insurance policy paid and ready to go into effect the day you close? (You'll need a receipt for proof.)
- What form of check should you use (and who should it be made out to) to pay closing costs?
- Has your closing agent told you the closing amount?
- Do you have receipts for the items you have already paid for, including your deposit and inspection fees?
- Do you have your checkbook to cover any last-minute extras that might have been overlooked?
At closing, you can expect these seven things to happen:
- The lender's representative will ask for your paid home insurance policy.
- The agent will list the adjustments. These include the money you owe the seller (the remainder of the down payment, prepaid taxes) and what the seller owes you (unpaid taxes, prepaid rent).
- You will sign the mortgage. This gives the lender legal rights to the property if you don't make your payments.
- You will sign the mortgage note, which is the promise to repay the loan in regular monthly payments.
- You will get title from the seller in the form of a signed deed.
- The lender's representative will collect the closing costs from you and give you a settlement statement of all the items you have paid for.
- The deed and mortgage will be recorded in the town or county Registry of Deeds.
- If you have additional questions about the closing process, talk with your agent or use the form on this page to contact us.
Once you have the keys, you'll want to have the locks changed. Also, put your deed and other important paperwork from the closing in a secure place, preferably a safe deposit box. Even though it's all on file with the county, it's smart to know where your copies are and have access to them at all times.