Closing Day: What to Expect When Buying Your First Home

Closing day is the end of the road for buyers. There is a lot to the day to consider, and the process can seem overwhelming!

With the right real estate agent to guide you, the process does not need to be as stressful as it may seem.

When Does Closing Day Happen?

Usually, closing day will happen four to six weeks after the purchase agreement and sale agreement have been signed. During this period of time, your funds will be held in escrow until the contingencies are met. These contingencies include the home inspection and the appraisal.

How Do I Prepare for the Final Walk Through?

Many buyers will be given the chance to have a final walk through of the home within 24 hours of the settlement. During this time, you will be able to check if the home is still in good condition. If there were any repairs that were agreed upon, this is the time to check if they are completed. If anything is wrong or incomplete, your agent can walk you through the steps to fixing it or finding a solution.

What Happens After the Final Walk Through?

If the final walk through went smoothly, the next step is to receive the closing disclosure from your mortgage lender. This should happen three days before the settlement. As a buyer, you are entitled to a three-day review period. During this period, you will be able to review any issues with your closing disclosure and review any fees.

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