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Once you’ve found your dream home, secured a mortgage, and negotiated a price, all that stands between you and moving day is finalizing the transaction at closing. Even though you’ve reached the final stage of the home buying process, you must still be properly prepared to seal the deal. According to the title insurance agents at First Financial Title Agency of Minnesota in Burnsville, MN, knowing what to expect on closing day can make all the difference in how smoothly ownership of the property is transferred into your name. Below, they go over what you should know about the closing process. 

What the Closing Process Entails

Final Walk-Through 

The closing process actually starts the day before the closing date, when homebuyers are given the chance to do a final walk-through inspection. This will help determine if any damage occurred between the contract and closing. If any problems are found, buyers have a final opportunity to negotiate necessary repairs with the seller. 

Documents to Bring 

title insurance agentThere are a number of documents buyers are required to bring with them to closing. These include proof of homeowners insurance, a cashier’s check for closing costs, a copy of the purchase agreement, home inspection reports, and a government-issued photo ID.

Who Will Be Present 

The group of people present at a closing can vary from transaction to transaction. However, it’s common to see a closing agent, real estate attorney, title insurance agent, home seller, seller’s real estate agent, mortgage lender, and buyer. Each person will play an integral role in the closing process. 

Closing Day Activities 

On closing day, you can expect to sign a great deal of paperwork. These documents will largely cover the agreement between yourself and your mortgage lender and the agreement between yourself and the seller. You must also be ready to pay all closing costs and have your title insurance agent perform a title search and examination to ensure the property is free of any liens or open mortgages. 

Although it’s always possible for something out of your control to go wrong at closing, the more prepared you are, the better chance you’ll walk away from the process with your new house keys in hand. The title insurance agents at First Financial Title Agency of Minnesota have been entrusted since 1989 to provide homebuyers with accurate property title searches to present on closing day. Contact them at (952) 831-5010 to inquire about their title and escrow services, or visit them online for more information. 

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