It’s the day you’ve been waiting for ever since you got your first Barbie Dream Home or Fisher Price Farm Playset – the day you would be buying a home of your very own. You’ve spent the last few years renting the world’s tiniest apartment with leaky faucets that the landlord refuses to fix. It’s finally time for you to move on up in the world and join the ranks of the few, the proud, the homeowners.
But don’t expect to roll up in a moving truck and immediately start painting. On closing day, there are quite a few procedures you’ll be expected to follow before you can take the keys and truly consider yourself a homeowner. Here are the steps you’ll complete as part of the real estate closing process:
- Time it right. The shortest closings take about an hour. You’ll want to leave more time for anything that comes up last-minute. If you’re looking to move the same day that you close, work with your real estate agent to have the closing early in the day.
- Get your insurance ready. Have your homeowner’s insurance policy ready to go. Remember to bring a receipt for the policy!
- Bring a nice pen because you’re going to be signing a lot of papers. Buying a home is a complex process and you’ll be signing at least ten major bank documents, including a truth in lending statement, the note, the mortage, the deed, tax receipts and more. Just tough it out and tell yourself that your new home is worth the massive hand cramps.
- Get a check. You’re going to need a certified check for the closing, so get yourself to the bank. The check should cover closing costs, any down payment for the house and escrow costs. If your real estate agent doesn’t tell you in advance how much to bring, make sure you call ahead. Without the proper amount, the closing will be delayed.
- Go buy a tacky keyring. Now it’s time for the fun part: getting the keys. Bring your best keyring because you’re a homeowner now!
Going through the process of a real estate closing can seem daunting, but don’t worry. It’s just a few hours of your life before you’re living in your very own home. Congratulations — now you get to fix your own leaky faucets!
