Real Estate Closing: The Home Buyer’s Guide

Dated: September 20 2022

Views: 80

Purchase Agreement Acceptance: Next step is to schedule the applicable inspections.

  • General home inspection.
  • Pest control
  • Radon gas
  • Well water
  • Septic system
  • Oil tank

Submit a mortgage application to lock in the interest rate.

After the purchase agreement acceptance:

  • Take any photos and measurements of the property you need.
  • Submit home inspection issues to be remedied by the seller.
  • Work with your real estate professional to schedule a closing day.
  • Coordinate with your lender to schedule and conduct an appraisal.

Two weeks before closing:

  • Purchase a homeowner's insurance policy that takes effect at closing.
  • Get in touch with your lender to confirm that all necessary actions have been taken.
  • Submit address change to post office.

One Week Before Closing:

  • Obtain closing attorney information from agent if needed.
  • Contact utility companies to transfer services.
  • Request cashier's check or certified funds for closing.

Three Days Before Closing:

  • Obtain a HUD-1 Settlement Statement from the closing attorney.
  • Request copies of closing paperwork from the attorney.
  • Purchase title insurance if necessary.

A Day Before Closing:

  • Do a walk-through to verify the condition.
  • Review inspection letters to confirm that all "issues" have been addressed.
  • Assess the HUD-1 Settlement Statement to ensure that all terms are correct.

The Day of Closing:

  • Bring the following:
    • Government-issued photo ID.
    • Certified funds or cashier's check.
    • Proof of insurance.
    • Final purchase agreement.
  • Read and sign closing paperwork.
  • Pay your lender.
  • Get your keys and begin the move-in process.

Ask your realtor or attorney to explain all of the documents you will sign as there are upwards of 100 pages.

Under normal circumstances, you will receive the keys at closing. The closing process usually takes between 1-2 hours. The keys are given to you once the loan has been funded.


If you’re looking for a Realtor, or a real estate team that will represent your interest at every step of your property transaction NextHome Merrick Realty Group has a team dedicated to our sellers, buyers, and investors’ greatest interest.

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