Are you closing on a home sale soon? At Real-ativity, we want to educate and inspire you to navigate the world of residential real estate. You have read up in our “smarts” section for all the steps to either sell or buy a home. You have a fully executed contract and a closing date is set for the near future. Now, it’s time to have a look at what to expect when closing on a home sale.
Steps before Closing
Before Closing On A Home Sale
1. The first step before closing on a home sale is to determine who will conduct your closing, where it will be, and when.
- Closing agent name/ Company:
- Closing agent phone number:
- Closing Date:
- Time:
- Address of Closing:
2. Protect yourself from wire fraud. It happens all the time. BEWARE of last-minute emails.
- Get the names and numbers of TWO people who can confirm wire instructions, save them on your phone. Use them when you are at the bank.
- *Name & Phone:
- *Name & Phone:
3. Ask the closing agent directly what to expect and to bring with you.
- Cashier’s check or wire transfer receipt? How much?
- Your “CD” (Closing Disclosure) for comparison
- Agent/Attorney
- Co-Borrower
- HOA Approval
- Drivers License/Passport/ID
- What happens if you walk at closing? What do you owe the seller?
- Look for errors and to make sure you have a clear understanding of the loan terms
- Compare your Closing Disclosure to your Loan Estimate: Make time to review the CLOSING documents carefully
4. Are the loan type, interest rate, monthly payment, and other key terms the same as I expected?
- Read all of your closing documents, if not in advance, then at closing. Is my personal information correct on all of the documents?
- What happens if I don’t pay my loan?
- Do the key numbers (loan amount, monthly payment, interest rate) match exactly across all of my documents?
- How can I exercise my Right to Cancel (refinance only)?
