The closing is the completion of a real estate sale and loan transaction. It's the final step in the home buying process. At the closing you'll not only sign your documents, but you'll get the keys to your new home.
The timing of your closing is important. You'll want to schedule it to your best advantage. For instance, you might want to schedule it toward the end of your lease so as to not pay unnecessary rent, or, if possible, around the time of the closing of the home you're selling.
Before your closing, you'll receive a document that outlines the costs you'll pay at closing. You'll be asked to bring a valid picture ID, a certified check if applicable and any other additional documents that your circumstances may require.
It's customary to take a final walk through of the property shortly before the closing to make sure the home is in the condition you expect it to be.
To close the deal on your house you will meet with a representative of the escrow company who is handling your loan. Once the title is recorded, ownership will transfer to you.
Buyer's Fees - Here is a list of fees you should typically expect to pay at closing.
Seller's Fees - Here is a list of fees the seller should typically expect to pay at closing. As a part of your Purchase and Sale Agreement, you can ask the seller to pay your closing costs and prepaid items. Please be aware that lenders may have limitations on the amount of seller contributions -- typically 3% to 9%, depending on loan to value.
Some things that may be required at closing, but not always:
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Water and sewer certification (if your new home is not on municipal and sewer facilities a certification may be ordered through your local health department to save you money)
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Building code compliance letter
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Mortgage insurance
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