How to Prepare for a Closing

The closing is the last step in the home buying process. Take a big breath and relax. Not only is the closing the last step but it is the most important step. Before you approach the closing table make sure you are prepared with all of the documents you will need. Here's how to prepare for a closing:

Instructions

Difficulty: Moderate

Things You’ll Need:

• Proof of insurance
• Personal checkbook
• Cashier's check in the appropriate amount
• Survey of property (recommended, but not always required)
• Photo ID

1. Obtain a checklist of all the necessary documents from your real estate agent and your attorney. Be sure to get the list in sufficient time before the closing to allow yourself enough time to assemble everything you need.
2. Confirm the cashier's check amount. Call your realtor or attorney to confirm that you are getting a bank check for the correct amount. Many times you may not be able to get the final figure until the day before or the morning of the closing.
3. Review all papers with your attorney and real estate agent at the closing. The papers are usually standard, but there are occasions where there are exceptions. Be sure you fully understand what you're getting into.
4. Schedule enough time for the closing. The closing could last any where from one to five hours. If everyone comes to the closing prepared, it should not take long. However, there are occasions where unexpected situations arise and it may take longer.

Tips & Warnings

• Visit your state's Real Estate Division website and perform a search for home closing documents and/or procedures. Each state's requirements may differ, so it's best to be prepared.
• Never sign any document you don't understand.