The Home Closing Process in a Few Simple Steps

Are you preparing to buy a home? If you’re looking, or have already found one that you have your eye on there are a few things that you’ll need to know about closing day on a house. In this post, we’re giving you a mortgage closing checklist so that you can know what to expect after you put down your offer and it gets accepted.

If you’re on the hunt for Fernandina Beach homes for sale, check out the links at the bottom of this post! We have some truly wonderful homes and properties for sale in Nassau County, Florida.

House for Sale sign || Fernandina Beach Realty

So, what does “closing” really mean?

Generally speaking, the closing process is mainly talking about the process in which the property title is transferred from the seller to the buyer. The mortgage closing process varies a bit from state to state, but there are a few things that stay the same. The home closing process is overseen by an attorney or qualified representative from the mortgage company, not your real estate agent.

The attorney or representative from the mortgage/title company works with both parties to ensure that everything is in place and that all agreed-upon arrangements are being adhered to. They will make sure that all of the necessary documents have been signed and that all of the funds in escrow have been properly released.

Once you’re approved for a home loan, the house closing timeline typically moves pretty quickly.

Below you will find our closing on a house checklist, which will help you to make sure things flow smoothly and that the process will move along without any hangups.

  • Once you’ve secured your funds, select and confirm the settlement date and time.
  • If you’ve agreed to cover closing costs, you’ll likely need a cashiers check, so make sure to have that ready to go ahead of time for the closing day. If you are putting a downpayment on the home, you will likely be required to use a cashiers check for that as well. Personal checks frequently cause delays with closing and are often rejected.
  • Have all of the necessary documents organized and ready to go. If you’re unsure, be sure to double-check with your agent what you’ll need to have on hand.
  • If you’ve requested any repairs, be sure to confirm that they have been completed. You may want to take one final walk through the home to be certain. You might want to check out our guide to home inspections for inside tips on what to look out for.

Hand holding house keys out || Fernandina Beach Realty

The Documents Provided by the Attorney or Mortgage/Title Representative

When closing day arrives, there will be a few more additional documents that you’ll need to go over. The attorney or closing representative will provide these documents and explain them to you. Some of these documents include the Closing Disclosure, Promissory Note, and the Deed of Trust (commonly referred to as a Mortgage depending on the state you live)

Closing Disclosure: This document includes all of the costs associated with the purchase of the home as well as details about your loan.

Promissory Note: This serves as legal documentation of your commitment to repaying your loan. It also lays out the terms that you’ve agreed to and the potential penalties for failed payment.

Deed of Trust (Mortgage): This document confirms that you are pledging your home as collateral should you no longer be able to make payments. This gives your lender the right to foreclose your property if need be.

For more online resources for homebuyers be sure to check out the rest of our blog and website. We have years of experience assisting home buyers like you and look forward to helping.

If you’re shopping for that perfect house, we can help!

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