You've gotten an offer accepted on your first home. The appraisal and inspection came back fine. Now, all that's left to do is eagerly await your closing date. This is the day when you will sign all the paperwork that makes your first home purchase official! So, what should you expect as you prepare for this big day? While closing procedures can vary a bit from one real estate transaction to the next, there are some basic things you can expect on closing day.
If you've been working with a real estate agent during your homebuying process, they should provide you with a detailed list of everything you'll need to have prepared for your closing date. Some common documents and items may include:
Most of your closing appointment will consist of you and the seller signing paperwork to legally transfer ownership of the property to you. The number of documents that you will be required to sign can overwhelm; it's helpful to understand a few of the crucial documents you'll be signing and their purpose. Some of the key documents you will review and sign on your closing date include:
At closing, you will also provide any payment that is due according to your disclosure; this may include the down payment on the property, any closing costs and legal fees as well. Unless otherwise agreed upon, you will receive the keys to your property and assume ownership as soon as closing is completed.
As long as everybody comes prepared, your closing appointment should be done within an hour. However, some more complex situations may take longer. Your agent should be able to give you a better feel for how long you can expect to be at the closing table. From there, it's time to celebrate your newfound homeownership!
Kimberly Kelly decided to get her real estate license when she moved to South Orange with her family and fell in love with the classic, period homes of the area. Having worked in the city for many years for LexisNexis, Kim understands the appeal of an easy commute to NYC. That’s why she specializes in towns along the Mid-Town Direct train line, offering welcoming communities, good schools, and space to grow.
Very active in her children’s school PTA, Kim knows firsthand how important a school system is to parents looking to make the move to the ‘burbs. She volunteers with fairs, fundraising, and other activities that bolster support for education. Kim also believes involvement in the greater community enriches us all and has sat on various boards & associations throughout the years.
Kim Kelly has lived many places throughout her life, from Pennsylvania to Oregon, but has found New Jersey to be the ideal place to raise her family and put down roots. She loves nothing more than helping others discover their special place as well. Kim’s extensive knowledge of the area, combined with her sense of community, offers clients a personalized guide to finding the right house - and town - to call home.
