Closing Day
The big day has arrived, you are about to become the owner of your new home. The most common times for closing transactions are at the end of each month, this is actually not a good time to choose and if possible I recommend trying to set a closing date in the middle of the month. The reason is simple, because a lot of people move at the end of the month every service associated with moving (the attorneys, the movers, and the Realtors) are always very busy. In the case of the movers you may end up paying more to move at the end of the month than in a less busy time.
The "Closing" of the transaction is conducted at an attorneys office. You will need to bring identification with you and of course a bankers draft for the remainder of the downpayment and to cover the closing costs. I will work with the closing attorney ahead of time to find out exactly how much money you will need to bring to the closing table. I will of course have provided you with an estimate of closing costs several weeks prior to closing when you originally made an offer for the home, however the estimate is usually slightly over (I like to be on the safe side), and the exact amount will depend on the closing costs incurred. Closing costs include items like couriers and can not be estimated to the penny weeks ahead of time.
At the closing meeting you will need to sign several documents, these are all written by attorneys and I will be there along with the closing attorney to explain anything you want to know. They are all standard documents that everyone signs, however that doesn't mean you shouldn't understand them fully and ask questions.
Once the deeds have been recorded the transaction is considered "closed", and you are the home's owner. Sometimes you will be given the keys and allowed to take possession immediately, other times the sellers will have stipulated that possession can not be taken for 3 days after closing. Sellers make this stipulation to allow them time to move out of the home. Typically they will be closing on their next house the same day, therefore a chain of movers has developed and the 3 days allows everyone to move from their existing houses to their new homes.
Congratulations, you now own your new home. Only step left is moving in.
