If closing day is coming up, it means you are almost the new owner of a home. Although you may feel like the hardest part is behind you, there are actually a lot of things you should do to prepare for the closing.
Although many closings go smoothly, there are some surprises that may crop up. To reduce any mishaps, there are a number of steps you should take in the days leading up to the important day.
Review the closing disclosure
According to Realtor.com, if you are taking out a loan, you will receive the settlement statement three days before the closing. Take the time to read it and make sure the terms, such as the loan amount, interest rate and closing costs are what you expected. If not, discuss the differences with your lender.
Close the title
To prevent any surprises related to the title, hire a title company to perform a title search. If there are not any liens or other issues, there should not be any problems transferring the title to you.
Perform a final inspection
Inspecting the house within 24 hours of closing is important. If you had an inspection contingency, this is the time to make sure the owner completed all repairs as promised. You can also ensure that the owners have moved out so it is ready for your things.
Prepare what you will bring to the closing
The Consumer Financial Protection Bureau discusses what you will need at the closing so you can prepare them ahead of time and will not feel rushed. You will need an ID, your checkbook, the settlement statement so you can compare it to the final documents, any required documents for the loan and money to pay for the down payment and closing costs. However, the lender will not accept a personal check or credit card, so find out ahead of time if you need to do a wire transfer or bring a cashier’s check.