The process of buying a home is a very long one. From saving up money for a down payment to touring multiple houses to find the right one for you, there’s a large time investment that all gets paid off at the closing. If you’re a Virginia soon-to-be homeowner, it’s a good idea to understand what happens at the closing so that you feel more prepared when you get there.
What happens during a closing?
A home closing is one of many different types of real estate transactions that take place. When you close on a home, there are three main things that happen. First, the home’s title is transferred from the seller to you. Second, the proceeds of the sale are distributed to the seller of the house. Thirdly, you will sign the mortgage note if you’re having your home financed through a lender.
One of the most notorious parts about any home closing is the amount of paperwork that gets done. Expect it to take typically about 45 minutes to an hour to go through all the paperwork and the rest of the transaction process. While in most cases you’ll have your realtor present, you may also have an attorney present if you would like the extra assistance.
What do you need to bring?
When you purchase a home, you’re going to need to have down payment funds and closing cost funds. Sometimes a mortgage lender may roll these closing costs into the loan so that you don’t have to pay for them upfront. Either way, you’ll need to bring in a cashier’s check for the total amount of money due on your settlement statement.
Buying your first home can be both a trying and fun experience all wrapped into one. By taking the time to understand what happens during a home closing, you can help to better prepare yourself mentally to deal with the process. Always be sure to utilize professional assistance when you have questions.
