Home Buying Process

Home Buying Process - Timeline and Paperwork

The closing meeting is where ownership of the home is officially transferred from the seller to you. Most of the people involved with the purchase of your home will attend your loan closing. The closing is a formal meeting typically attended by the buyer, a representative of the lender, and the closing agents - which is usually the attorney for the seller and your attorney.

First, the closing agents reviews the settlement sheet with you and answers any questions. You then sign the settlement sheet. You will notice that the seller has already signed the forms at a time previous to the actual closing date.

Then, the closing agent asks you to sign the other loan documents. Evidence of required insurance and inspections is also presented (if it wasn't previously given to the lender).

After that, if everyone agrees that the papers are in order, the buyer submits payment to cover the closing. If the lender will be paying your annual property taxes and homeowners' insurance for you, a new escrow account (or reserve) is established at this point.

Finally (here’s the best part) you receive the keys to your new home!

After the meeting, the closing agent officially records the mortgage and deed at your local government clerk's office or registry of deeds. This legal transfer of the property may take a few days after closing. The closing agent usually will not disburse the funds to everyone who is owed money from the sale (including the seller, real estate professionals, and the lender) until the transaction has been recorded. It is at the point of deed recordation that you become the official owner of the home.