If you’re like most people buying a Main Line home for sale, you’ll end up at the closing table sooner or later – but what happens on the day of closing? Here’s what you need to know.
What Happens on the Day of Closing?
On the day of closing (commonly called closing day), you’ll meet with:
- A rep from the title company
- Attorneys, if either of you had them
- The closing agent
- The lender’s representative
- The seller
- The seller’s agent
You’ll sign several documents, including the settlement statement, which details all the costs related to the sale. You’ll also sign a mortgage note promising that you’ll repay the loan, and a mortgage or deed of trust that secures the mortgage note.
This is the last step in buying – and in financing – a home. You’re going to receive a lot of documents, and you’ll get copies of everything you’ve signed.
You’ll also give your down payment to the closing agent or the bank’s representative at closing. Same goes for closing costs, which can include taxes, loan origination fees, and other costs associated with the transaction.
You’ll show your lender proof of your homeowners insurance, or if your loan includes an escrow account that covers insurance and taxes, you’ll put in your initial deposit.
How to Make Closing Smoother
You can help closing day go as well as possible by bringing all the documents your lender and your Realtor® told you that you’d need. You’ll probably want to bring the good faith estimate your lender gave you, as well as proof of homeowners insurance, as well as a copy of your contract, your inspections and other documents you sent off to the lender for mortgage approval.
Are You Buying a Home for Sale in a Main Line Community?
Call us at 610-608-3119 or get in touch with us online to talk about what you need – we’ll help you find it.
While you’re here, check out our:
- Gladwyne homes for sale
- Lower Merion homes for sale
- Radnor homes for sale
- St. Davids homes for sale
- Tredyffrin homes for sale