The entire home purchasing process can take a number of weeks before it’s complete. As the prospective home buyer, you will be busy meeting your home contract deadlines like your home inspection, and pulling together mortgage documents and assorted paperwork leading up to closing day! When you began the home buying process, it might have felt like it would take a long time to get to closing day, but then it’s suddenly here! So what actually happens on closing day when you are the home buyer? We’re going to discuss the buyer’s home closing process below.
What To Expect On Closing Day as the Home Buyer
When you went under contract to buy a home, you negotiated a closing day. Closing dates are usually between four to six weeks after an offer is put in to buy a home. The time between making an offer and closing day gives everyone involved in your home buying deal time to complete all the steps of the home buying and (in the seller’s case) selling process they are responsible for.
Once you get to closing day, all the work that is needed to be completed by your mortgage broker, appraiser, title agency, etc., will be done. You’ll likely meet with your real estate closing attorney and your real estate agent to sign lots of paperwork before you’ll be handed the keys to your home. These are some of the documents you might see:
Settlement Statement – Listing all costs related to the home sale
Mortgage Agreement, Loan Application
Deed – Signing the home over to you, the new owners
How Long Does Closing Day Take?
The first thing that will take place for you as the buyer on the day of closing (or maybe the day before closing), will be the final walk-through of the home you’re purchasing. You want to make sure all is still in the same condition as it was when you viewed it last. You can see any of the repairs that were made after the inspection and just confirm that all is well in your new home.
From here you will likely meet at your real estate attorney’s office to sign a packet of paperwork. Closing on a home is not a long process, though often, the sellers will have a different time to close (typically on the same day) than you, the buyer. You will receive the keys to your home once the money changes hands form buyers to sellers.
While the actual closing day shouldn’t be time-intensive, it will be structured to meet everyone’s needs as best as possible. For example, if you are buying a home out of town, you have options when it comes to signing your closing paperwork. For example, you can have a power of attorney filled out so your co-signer can sign on your behalf.
Closing days are often different with each home purchase, and it’s important to discuss what to expect on closing day as a home buyer, with your real estate agent.
Your Knowledgeable Memphis Area Real Estate Agent
When it’s time to sell your existing home or buy a great new place, turn to a highly-regarded and well-informed local real estate agent. You want someone that you can trust to give you the best advice and know-how for your new home purchase or sale. Check out my other great articles to help you through your home selling and buying experience here in Memphis.
Take a minute to learn more about me. With over 15 years of top-notch service for my clients, I can guide you with your house sale, new home purchase, or buying a great parcel of land. As a top, licensed real estate agent in the Memphis area, showing you the best properties for you and your family is my goal!
Contact me at (901) 828-8919 or drop me a quick note at firstname.lastname@example.org and we can speak in person about your plans and options. Ask me about seeing homes for sale by video or virtual tour and find the best place for you!
Angie Kelley, Crye-Leike Realtors
(901) 828-8919 or (901) 756-8900