Buying a house is both exciting and a little daunting for most first-time home buyers. Closing on the purchase of a new home involves the official transfer of ownership. If you prepare yourself with a little advance knowledge, the process will be much less intimidating.

How to Prepare for a Closing?

A few days before the closing, you’ll receive a closing disclosure statement from the lender, which outlines loan terms, closing costs, and other fees associated with buying a house. Carefully review this information to ensure that it is correct and also confirm that your finances are in order.

What to Bring to a Closing?

Most lenders require that you bring a cashier’s check to the closing for the down payment and closing costs or confirmation of a wire transfer. Take all disclosure paperwork, the purchase contract, proof of insurance, government-issued forms of identification, and your checkbook with you. 

What Is the Final Walk-Through?

Before the closing meeting, arrange to take a final walk-through of the property with your realtor to ensure that any repairs that the seller agreed to make have been addressed. Schedule it within 24 hours of the closing date. Take your time, and inspect both the exterior and interior of the home.

Who Attends and What Happens at the Closing?

Some or all of the following people will be present during the actual closing meeting:

• you and your realtor
• the seller and their representative
• the closing agent, or a representative from the title company
• the lender
• attorneys, yours and the seller’s

You will receive several closing documents to examine and sign, including the loan estimate, initial escrow statement, mortgage note, and the deed of trust. Once all documents are signed, congratulations, the house is officially yours.

If you’re buying a house, it helps to work with a title company you can trust. Chattanooga Title, which has served Hamilton County, TN, for 43 years, provides title insurance and other closing documents to ensure satisfactory outcomes in real estate transactions. To learn more about how they can help you, visit them online, or call (423) 756-3057.