Close On Your New Home
Final closing is the final step in the home purchase process. When a buyer's offer is accepted by a seller we call that opening escrow. We technically open an escrow account with a mediator, the escrow company, that handles all of the documents and money until the final closing. Once everything has been signed, escrow closes, which is why we call it closing.
What happens at closing?
About a day or two before you get the keys to your property the escrow company or perhaps the title company, whoever is doing the closing procedure, will contact both the seller and the buyer to come in and sign the final paperwork. Typically the seller signs first and then the buyer will come in afterward. There's usually not a scenario where the buyer and the seller will be present at the same time. The buyer will come in, verify their identity with a driver's license or other identification, and get their signing hand ready. All the documents necessary will be signed at this time.
Will my agent be present?
Sometimes but not always. If you have any questions about what you are signing be sure to ask. It's now or never and your escrow agent that is facilitating the signing will be happy to answer any questions you have. They will explain each document as you sign it but if there are some concerns or if you find errors, make sure you let them know right away. This could delay closing if things have to be redone and rewritten. Make sure that you understand how much you're paying in your financing, that the process is done correctly, names are spelled correctly, and the payment is what you agreed upon at the beginning. Don't worry about sounding uneducated if you happen to ask questions. Escrow companies do this every single day, you don't necessarily buy a house every day. Don't hesitate to ask if you have any questions.
Once all the final signing documents happen you will receive a copy of the documents either in person or within the mail in a couple of days. All of these documents will need to be filed with the county in which you are buying and once monies are dispersed to the seller, agents, and all parties involved, only then can the buyer's agent hand you the key. The buyer's agent will typically contact you, let you know everything has been funded, and hand you the keys to your new home.