The Complete House Closing Checklist for Home Buyers
Posted Friday, May 14, 2021 
You are about to close on your new home- congratulations! The last leg of your exciting journey centers around the process of closing on a house. Where you finalize the deal and transfer the last of the funds. At the end of your house closing, the deed will be recorded, and you will be the legal owner of your new home. Closing on a house can be tedious, so read on to learn how to make the process as seamless and promising as possible.
The House Closing Timeline
The process of closing on a house typically takes between 30-45 days in its entirety. Issues could potentially arise that extend this timeline, but you can expect closing to last about a month on average.
Choosing the Right Closing Date
When scheduling out your closing, keep in mind that it is common for the house closing process to take a few hours or even half a day. Never plan to close during your lunch break or during another block of time with specific constraints. Plan for an entire day so that you are rushing to expedite your real estate closing. This could result in frustration with the third parties present or even missing a vital step in the house closing process.
Final Walk-Through vs. Inspection
Do not confuse your home inspection with the final walk-through. The primary purpose of a final walk-through is to ensure that the property is in the condition in which you agreed to buy it post-inspection. It is important to ensure that no new damage has been made to the home shortly before closing. If buyers opt not to do a final walk-through, they cannot hold the seller legally responsible for damages after the transfer of property at closing. This means that you, as the buyer, will have no legal recourse if you find damage to the home after the fact.
Here Are the Documents Being Signed
When you are closing on a house, you should expect to review and sign a multitude of documents, which will vary based on your state’s laws.
Here is a list of documents that you can be expected to sign:
Closing disclosure – outlines the final terms and costs of the mortgage
Promissory note - states terms of the loan and that the buyer promises to pay back on the loan
“Truth in Lending” statement – details the total amount of the loan including interest and APR
Title or Warranty Deed – transfers ownership of the home
Proration papers – state how utilities, HOA dues, and property taxes are divided that month
Declaration of the report – confirms that legal inspection has been done on the property
Abstract of the title - documents related to the title of the property
What Should I Bring to the House Closing?
Your closing day crowd maybe just that- a crowd. At a minimum, you should expect to see your closing agent, the home seller, their real estate agent, the mortgage lender, and any attorneys involved in the buying of your new home. The parties present will assist you in finalizing the paperwork after your final walk-through. Plan for a large window of time to accommodate the parties involved with your closing.
Although the real estate closing process can feel drawn-out and vigorous at times, focus on what matters: owning a beautiful new home. Remember that knowledge and preparation are essential to making your real estate closing go as planned. When you finally reach the closing date and are holding the keys to your property, everything will fall into place. If you’re in the market to buy a new home, take a look at all of our
Homes for Sale.
If you have any questions about the house closing process or would like to schedule an appointment with a seasoned real estate team, give The Sharon Falco Group a call today at 630-307-2760!