The closing date is when the entire sale transaction is officially completed, and there are many moving parts. Here are the things to expect on the day of closing:
Walkthrough
Before closing on a house, the final walkthrough is an opportunity for a home buyer to do one last check before completing the purchase. This ensures that the home they’re purchasing is in the same condition as when they agreed to buy it and allows the buyer to confirm that the agreed-upon repairs have been made and there are no new issues.
Closing Statement
This is the document that records the details of all the financial transactions. A parties will receive a closing statement from the closing company or attorney.
Debits and Credits
The debit section highlights items you owe at closing, and the credit section covers items owed to you. Generally speaking, debits and credits go hand and hand, which means the credit usually balances the debit. They typically coexist with one another.
Who pays what during closing? Documentary stamps, recording, title insurance, settlement fee, pro-rations are all fees and expenses associated with closing. The costs are paid according to the terms of the purchase contract made between the seller and buyer. Usually, the local custom dictates who pays what at closing.
Funds are normally wired to you
Normally, your closing proceeds are wired to you on the same day. If you close late in the day, you can expect the wire to hit your account the following day.
POSSESSION OF PROPERTY
Usually, possession of the house happens when the transaction is closed and funded Meaning, that to turn over possession of the property to the buyer, the closing company must have received the funds. If the contract states that possession of the property passes to the buyer at closing and funding, you need to be out the day before closing and have the house ready for the new owners.
Bring the house keys, mailbox keys, clickers, etc., to the title company or attorney on closing. Now the house is officially the buyer’s home, and the buyer can get the keys.