What Happens at a Real Estate Closing?

Completing the purchase of your first home is a momentous occasion, symbolizing a significant milestone in your journey. This defining moment marks the final step in acquiring your new home. To ensure that nothing unexpected or costly takes you by surprise and to maintain the excitement of this achievement, it's wise to prepare in advance for the closing process. While the formalities of closing and the associated paperwork can sometimes be intricate and overwhelming, please be assured that we are here to provide you with the guidance you need every step of the way.

During the closing process, the property's ownership transfers to you, the buyer. This vital day involves the movement of funds from escrow, the settlement of mortgage and title-related expenses, and the official update of the property deed to bear your name. Essentially, on the closing day, you and the seller will affix your signatures to all the necessary documents, marking the formal and binding conclusion of the transaction.

Leading Up to Closing

You'll receive the closing disclosures roughly three days before your planned closing date. This document provides a thorough overview of the final details of your home loan agreement and the agreed-upon closing costs. It's essential to review this disclosure carefully. If you notice any substantial discrepancies compared to the expenses initially provided by your lender in the loan estimate, it's a good idea to contact your lender for clarification promptly.

Get Ready to Read and Write!

Closure, also called settlement, involves a gathering where the final paperwork is signed, closing expenses get settled, and the official transfer of home ownership to you is finalized. This comprehensive process requires numerous signatures on a multitude of documents. It's essential to have a reliable pen on hand, maintain a positive attitude, and consider enlisting the assistance of your attorney for added support.

• Final Walkthrough - It's recommended to schedule an official home inspection 24 hours before the closing date. During the walkthrough, carefully assess whether all necessary repairs have been addressed, confirm that the property meets the agreed-upon condition, and ensure the seller has completely vacated the premises.

• Closing Costs - Make sure you have the necessary funds available for closing. Your lender will outline the closing costs in the loan estimate. These costs can vary, but you can typically expect a payment ranging from 2% to 5% of the loan amount.

• Closing Documents - Usually, there's a need for additional time to review all the documents during the closing process thoroughly. To address this, consider requesting the closing documents from your attorney or closing agent in advance, giving you ample time to review the materials at your own pace. Your attorney will review all the documents well before the closing day, ensuring that by the time you're ready to sign, no questions go unanswered, and any issues are resolved.

Get Yourself a Title Company

Based in Hampton Roads, Virginia, The Closers of Virginia, LLC has been serving the state's title insurance needs and related services for an extensive period. Our underwriting managing company, Stewart Title Insurance, is headquartered in Newport News, Virginia. It is a nationally recognized partner known for its innovative products, flexible underwriting approach, competitive pricing, and unwavering commitment to integrity.

We understand that engaging in real estate transactions, whether buying, flipping, or selling, can be exciting and overwhelming. As a result, our primary goal is to streamline the entire process with speed and efficiency. For more information on title insurance for new construction or to request a quote, please don't hesitate to contact us at 757-595-4707 or complete our online form. We dedicate our assets to assisting you and ensuring a smoother journey throughout your real estate endeavors!