The big day! The day you finally get to call the house your own and become a homeowner! A general summary of what to expect on closing day follows:
Seller Side
What you’ll need:
- Picture ID
- All of the keys/garage openers/FOBs to hand over
- Utilities on through the end of the day
- If you’re due money, a voided check or routing number for where you want the proceeds to go
- If you owe money, a check made payable to the Title company for the specified amount.
The seller side of closing is usually very quick. Maybe 20-30 minutes depending on if you want to leave as soon as your portion of the paperwork is completed. You’ll sign all of the paperwork, hand over the keys, and that’ll be that! In Virginia, you usually get your money the next day. In Maryland and DC, you’ll walk out of the closing with a check.
Buyer Side
What you’ll need:
- Picture ID
- Cashiers Check or Wire Transfer of your down payment/cash
- Utilities switched on as of the next day
The buyer side of closing is the lengthy party, if you’re getting a mortgage. If you’re paying cash, you’ll be in and out in 20 minutes. If you have 1 mortgage, it should take about 45 minutes; if you have 2 mortgages, it’ll likely take about an hour. Once the seller has completed their documentation, the attorney will get started on yours. Some of the paperwork is signed by both the buyers and the sellers, but the lengthy part of your side is your mortgage paperwork which generally, the seller has nothing to do with which is why they get to leave early. Once you’ve signed everything, you hand over your check or confirm your wire transfer was complete, and you’ll receive the keys to the kingdom! You are officially a homeowner!