We posted earlier this month about The REAL Cost of Buying a Home with tips from our friend Jessica and RVA Homes With Jess so today we're adding to this series to understand what it takes to get to closing. We have the best realtor from John J. Lease, but it's great that I can also text Jessica whenever I have a random question about the home buying process, so HUGE thanks to all of her help and for putting together this post with us. You can find her full post over here on What You Have to Do Before You Get to the Closing Table.
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What is “the closing table?” This is a phrase you’ll hear your REALTOR® and other real estate professionals (loan officers, appraisers, etc.) use when they are referring to you signing the documents that make your new home yours. This is really the most exciting day of the entire home buying experience because it means you actually own your home! Congratulations! You are now officially a homeowner!
Before you get to your closing though there are just a few things you need to do. Your loan officer and REALTOR® should prepare you for closing but just in case that convo gets skipped, here’s a quick checklist of things you should have received and you should bring with you to closing.
What You Should Have BEFORE Closing
Your (Future) Home’s Appraisal
This is the document that says what your home is worth. The bank/loan company sends someone out if they are loaning you funds to purchase. This is typically a box to check by the bank. If you are buying new construction or paying for your home in cash this is something you should pay close attention to.
Final Walk Through
This is where you physically walk through the home you are going to purchase with your REALTOR®. The purpose of this should be making sure any inspection corrections were addressed and completed and that everything in the home seems in order. You’d never think it but some people take the light switch cover plates and vent covers but those are supposed to stay with the home, silly people.
CD – Closing Disclosure
This is the document that breaks down exactly what it is that you are paying for, what credit you are receiving from the sellers and what they are paying for or receiving from you. Depending on your county this will show a credit in property taxes to the sellers as well as any additional credits they are giving to you (think home warranty costs, cash funds agreed upon during the inspection, etc.)
What You Need to BRING for Closing
You and anyone else signing on the deed of the home (whether they are on the loan or not) need to bring your identification (typically your driver’s license) to your closing. The attorney or closing agent will make a copy of them and give them back to you.
A Certified Check or Bank Transfer
You cannot hand a personal check over to cover your closing costs, down payments, or any other money that needs to be exchanged at closing. The check you bring needs to be a certified check you get from your bank. You can also set up a transfer from the bank to the closing office but this often has to be done by a certain time in the day and if it is done incorrectly or not on time then your closing can be delayed.
What You GET at Closing
Whoop whoop! You get your brand new keys at closing! These should be coming from your REALTOR®.
Copy of Your Deed
That’s not really a thing but you’ll probably be tired of signing all your papers. The closing attorney or title company takes care of submitting your paperwork to the county/city. You will receive your copy of the deed upon the completion of closing.
DON’T FORGET YOUR FREE DOWNLOAD FROM JESSICA: Closing Checklist
Additionally, I'd like to give a special shout-out to our realtor Pat Miller at John J. Lease Realtors for all of her hard work getting us to closing fast and furiously. If you're in Orange County, NY I highly recommend working with her because she will not only find you your dream house, but she will get you into it much faster than most. And, special thanks to our inspector Kyle from House Check who not only totally crushed the inspection fast and thoroughly, but was also extremely knowledgeable about so many things we never even considered. We highly recommend both of them to all Orange County, NY residents!