The Final Countdown: What Happens Before Closing?

Closing on a home isn’t just about signing papers—it’s about making sure everything is lined up so you get the keys without any surprises. Here’s what the last week before closing looks like:

1. Final Loan Approval & Clear to Close

  • Your lender will give the final thumbs-up on your mortgage.

  • You’ll receive a Closing Disclosure (CD) outlining the final numbers—review it carefully.

  • Any last-minute conditions (extra documents, employment verification, etc.) must be satisfied.

2. Home Inspection & Final Walkthrough

  • You’ll do a final walkthrough (usually 24-48 hours before closing) to ensure:

    • The home is in agreed-upon condition.

    • Repairs (if any) were completed.

    • No unexpected damage has occurred.

  • If there are issues, they need to be addressed before closing.

3. Transferring Funds

  • You’ll need to bring your closing costs and down payment. No personal checks.

  • Funds should be wired to the title company or brought as a cashier’s check.

4. Title & Escrow Finalization

  • The title company will handle:

    • Verifying clear title (no liens, unpaid taxes, etc.).

    • Preparing documents for recording with the county.

    • Ensuring all payments (taxes, HOA, etc.) are properly prorated.

5. Signing the Papers

  • You’ll sign a stack of documents, including:

    • The mortgage note (your promise to repay the loan).

    • The deed of trust (gives the lender security in the home).

    • The settlement statement (final breakdown of costs).

Who Pays for What?

Sellers Typically Pay:

  • Real estate commission

  • Transfer taxes & recording fees

  • Title insurance for buyer (varies by contract)

  • Prorated property taxes

  • Any agreed-upon repairs or credits

Buyers Typically Pay:

  • Loan origination fees & lender charges

  • Title insurance (lender’s policy)

  • Escrow & notary fees

  • Homeowners insurance (first year)

  • Prorated property taxes & HOA dues

  • Any inspections (unless negotiated otherwise)

After Closing: What’s Next?

✅ Recording & Keys: Once the deed is recorded with the county, the home is officially yours! ✅ Utilities & Services: Make sure power, water, and internet are set up in your name. ✅ Home Warranty (if applicable): If included, confirm coverage details. ✅ Save Your Documents: Keep all closing papers in a safe place for future reference.

Congratulations—you’re officially a homeowner! 🎉 Now go celebrate (or start moving boxes)!

 

Theodore Pearsall

United Real Estate Gallery


Office:
8380 Baymeadows Road, Suite 17, Jacksonville, FL, 32256
www.UnitedRealEstateGallery.com
(904) 500-3948
Agent:
theodorepearsall@gmail.com
(239) 209-6787
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This content last updated on Saturday, May 10, 2025 2:15 AM from RealMLS.

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