Now that you have FINALLY made it through your loan, your inspection and your appraisal, it is time to get ready for closing. It has been a long time coming, but your day is quickly approaching. 

What should you do prior to closing?

• You should have utilities set to be turned on in your name. The exception to this may be your water service, which you may not be able to turn on until the after the closing, especially in DeKalb and Fulton counties.
• Make sure you have your homeowner's insurance in place well ahead of the closing date
• Get your items packed and hire a mover
• And of course, follow instructions from the lender, your agent and the closing attorney for additional items

What should you bring to your closing?

• Your closing funds (must be wired or brought as a certified check, depending on the closing attorney--ask us!)
• Official Picture ID such as a driver's license or passport
• Copy of your loan documents so you can ensure your interest rate is correct
• Your water form if you live in DeKalb or Fulton counties

What should you expect from a closing?

To be honest, closings might feel somewhat anti-climatic compared to the excitement of finding and securing the home you are about to purchase. Closings typically last about 1 - 2 hours depending on what kind of loan you have and how many loans you are taking. For example, if you are taking an 80% loan, your closing will probably last 1 hour or less. If you are taking an FHA or VA loan, or more than one loan, then your closing will take longer. If there is more than one person signing loan documents, then your closing will go a little longer.

Closings will take place at an attorney's office. Typically, the buyer, the seller, their agents, the closing attorney and (sometimes) the lender will attend the closing. As the buyer, you will be signing lots and lots of paperwork. The seller only signs a few documents. The agents are there to watch over their clients, provide support and answer any questions. If you are taking a mortgage, the closing attorney actually represents the lender, NOT you. Although it is rare in residential transactions, you are welcome to have an attorney accompany you at the closing if you would like.  Most, but not all, closings are very amicable.

One of the most important documents you will review at the closing is your settlement statement, often referred to as the HUD.  For the buyer, the HUD outlines the costs associated with purchasing the home and obtaining a loan. For the seller, the HUD outlines the seller's expenses, loan pay off and/or proceeds.  Often, we do not receive the final, approved HUD until the day before or the day of closing. If possible, we will review it with you in detail. In any case, the closing attorney will go over the HUD with you at the closing. Click here to see a blank HUD. 

After all the paperwork has been signed, you now own the house! Depending on the contract terms that were negotiated, you may take immediate possession or you may be required to wait a few hours or days to take possession.