Buying a Home - Closing Title

Closing Title
You're almost there. The preparations have been completed - now
it's time to finalize the purchase.

Check with your attorney or escrow agent a day or two before the
closing date to confirm that everything is on schedule. Remind the
attorney or agent to complete the closing statements and other
documentation in advance - this may seem obvious, but closings
often become protracted affairs because the professionals are
unprepared.

Bring Certified Funds

You will need to bring a certified check to cover the down payment
(less funds already on deposit) and closing costs. Check with your
attorney or review the documents to get an estimate of the total
amount required. It's also a good idea to bring your checkbook as
well - small last minute costs (filing fees or photocopying charges)
can often be paid with a personal check.

Have Your Paperwork Available

Bring all of your documentation to the closing in case you need
something at the last minute. Your closing file should include the
contract, inspection reports, and copies of all correspondence
relating to the purchase.

Understand the Closing Documents

Review the closing statement (HUD-1) and other documents
beforehand so you understand the purpose of each. Check out our
guide to closing documents for a complete description of the
paperwork involved.

Close Your Mortgage

You will probably execute your note and mortgage just before the
closing of title. The lender should have provided a check to be
released subject to the execution of the documents, the
confirmation of clear title, and the satisfaction of any other
conditions.

Deal With Any Problems

Closings frequently proceed without a hitch, but problems are not
uncommon. Don't panic if the closing hits a snag - most issues can
be resolved by simple means, such as escrowing funds to cover a
contingency or unfinished repair. Even if the closing has to be
postponed, don't overreact - chances are the matter can be
resolved in a few days.

Execute the Documents

At this point the parties should execute the closing statements and
the seller should sign over the deed. The deed must be filed with
the local recording agency - your attorney or escrow agent should
handle this but it's a good idea to confirm that this was done.
Congratulations, you've just bought a home!

Collect the Keys and Other Items from the Seller

In addition to the keys, the seller should bring (or leave in the
house) any relevant paperwork - service records, warranties,
instructions, etc. If these are not provided, request that they be
forwarded as soon as possible.