The Closing

10 Easy Steps to Home Ownership

Step # 9
The date of the closing of the sale and the closing agency is also specified in the Purchase and Sale Agreement. The closing agency is an independent company which prepares the paperwork for the Buyers new loan and other closing papers and conducts the closing according to the instructions of the Listing Agent, Seller, Buyers Agent, Buyer and the Lender. This meeting is generally held at the closing agencys office.

As the Buyer, you will be required to sign several documents relating to your new mortgage and the warranty deed, in addition to other forms required for closing. If you’d like to read through the paperwork prior to closing, your Realtor should be able to get a copy of all the documents you’ll be required to sign – usually the day prior to closing.

You will also be required to bring certified funds to the closing for the amount specified in the contract as your down payment (if required) and closing costs and a picture ID such as a state driver’s license.

After each party has completed their portion of the closing, the closing agency sends the paperwork to the lender for approval and disbursement of funds. When the funds are disbursed to the closing agency, the warranty deed is recorded with the county where the property is located and the property changes “title”. The home becomes the property of the Buyer.

Step #10: Possession and Moving in…