The Closing

The Closing is the final step in getting your home. In a very short time, you will put the title of the house in your name, verify homeowners' insurance, sign mortgage documents and be given the keys to your new home.

The Closing usually takes place at the office of your title company, attorney or escrow office. Depending on where you live, you may have at the Closing, yourself, your real estate agent, your attorney, the seller and their attorney. Your real estate agent or title agent can verify where the Closing will take place and who is required to attend in your particular state.

You will review and sign many documents – your real estate agent or attorney should review each with you. The documents will include:

• The settlement statement
• The contract
• Loan papers
• Title insurance
• Homeowners' insurance
• Title or deed
• Down payment and closing costs

Prior to or at Closing, you will need:

• Closing cost estimate: From your agent or lender, you should have been given an estimate of closing costs. You will need a certified check from your bank at Closing. You should verify closing costs a day or two before the Closing so that you have the correct amount to provide at Closing.

• Settlement statement: The settlement statement shows you the total amount of cash you will need at Closing, including closing costs. You should get a final statement a day or two before Closing. You will need to make arrangements to get a certified check from your bank.

• Homeowners' insurance policy: Generally required in order to get a loan, it protects the lender and you, should something happen to your home.

Once the documents have been reviewed and signed, you will be handed the keys to your new home. Congratulations!