The last step is the Closing. The Closing will usually happen at the Title Company that has been taking care of the transaction. By this point, you’ve probably received information from them in the mail, so you’ll know who they are. When you go to Closing, you’ll need to have your ID, as well as a cashier’s check for your closing costs and down payment. Typically, the day before Closing is when we will see the Settlement Statement, which is also called a HUD-1. That statement will have a breakdown of all your expenses. We will go over it to ensure that everything is accurate.

At Closing, you will sign of on the Settlement Statement, as well as all of your Lender’s paperwork, and the legal paperwork required to transfer the home from the Seller to you. If you have a loan, then you can expect to be at the Closing for an hour or more. If you are buying the home without a loan, then you will probably be done in about 20 minutes or less. Once you have signed all the paperwork, the Title Company will send copies of everything to the Lender, who will check it one last time to ensure that it is correct. The home is still not yours at this point. As long as everything is correct, the Lender will provide the money to the Title Company, which is called Funding.

Once we have “funding”, the Title Company will disperse the money, and then they will give you your keys.

At this point the home becomes yours–congratulations!