Closing

You’ve found the home you want. A purchase offer has been created. Your offer has been accepted, and your earnest money is in escrow. Closing, or “settlement,” as it’s sometimes called, is the final step in your homebuying transaction. Closing will most likely be held 30 to 60 days from the date of your offer (depending on how long it takes you to obtain financing).

What happens during closing?

You will give the lender a receipt to prove that you have obtained homeowner's insurance for the property.

The closing agent will review the HUD-1 settlement statement with you and seller and will have you both sign the form.

You and the seller will give the closing agent certified checks for any closing costs.

The closing agent will have you and the seller review and sign all remaining documents that are part of the closing process.

The closing agent will establish an escrow account for you to cover property tax, homeowner's insurance, interim interest, and possibly private mortgage insurance.

You’ll review and sign all of the documents required by the lender.

The lender will give the closing agent a check to cover the mortgage amount.

A warranty deed, signed by the seller, will be given to you.

You receive the keys to your new home.

The escrow or closing company, attorney, or title company handling your transaction will record all legal documents, including the deed and the mortgage.

Your Barker broker will help facilitate a successful closing by working closely with the seller’s broker, your lender, other professionals involved. He or she can keep in touch with the seller’s real estate professionals, manage the documentation for the loan process, monitor deadlines, provide applicable paperwork, estimate and review closing costs, and help prepare for a closing that’s simple, straightforward, and trouble-free.

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