Coldwell Banker Realty - Natick
Lynne Hagopian, Realtor®, Coldwell Banker Realty - NatickPhone: (508) 648-0393
Email: [email protected]

The Closing Process: What to Expect

by Lynne Hagopian, Realtor® 10/05/2020

Image by S K from Pixabay

Buying a new home can be an exciting experience. Unfortunately, the closing can seem a little daunting if you are unsure about what to expect during the closing process. Below is a simple guide as to what you can expect during the closing of your first home.

Knowing How Long the Process May Take

The process of closing a house is a complicated one and can take some time to perform properly. Don't expect to be able to move in shortly after your offer is accepted. If the seller does not request a longer escrow period, it can still take up to 41 days for the closing process to be completed. This length of time is typically the result of delays in the process, with the most common types of delays including transactional and financing issues. 

Knowing Who Will Be Present During the Closing

While you may obviously expect both the seller and your's and their real estate agents to be present, there are also other officials who will need to be included in the process. There will be a representative from the title company, the lender who is providing the financing and a closing agent who will be brought by either the title company or the lender. Depending on the level of complication of the transaction, an attorney for you or the seller may be present as well.

Understanding Which Documents You Will Be Expected to Look At

You will be presented with a number of key documents during the actual closing and will be required to sign a number as well. The amount of paperwork can seem overwhelming, but your agent, the finance company and a representative from the title company will be there to answer any questions that you may have about each of the documents. You can better prepare yourself by understanding the purpose of each document before they are presented to you. Documents you are likely to see during the closing process include:

  • Loan Estimate: The loan estimate will include the terms of the loan, the interest rate and detailed closing costs. You will be expected to verify that all the information in the document is correct.
  • Closing Disclosure: This will outline the details of your mortgage, and you will be able to see the document before the closing, so any changes can be made if necessary.
  • Escrow Statement: The statement will detail the payments that will be made from the escrow account during the first year of the mortgage from your lender. It will include taxes and insurance. 
  • Mortgage Note: This is your promise to repair the mortgage and what steps the lender can take if you fail to make payment. 
  • Deed: The deed to the property will provide the lender's claim against your home if you fail to pay. 

If you are unsure about any of the closing process, talk to your real estate agent, so there are no surprises, and your closing can proceed as smoothly as possible. 

About the Author
Author

Lynne Hagopian, Realtor®

People say "Home is where the heart is." Well, I love being in real estate and have consistently been a multi-million dollar producer in the MetroWest real estate market working for Coldwell Banker and Hammond Residential, as a buyer's agent, a seller's agent and a home stager. Having lived and worked in this area since the 1970s, I am familiar with the surrounding communities, school systems, and other pertinent information you may wish to learn about when looking for a new home.

My initial background was a teacher of Special Education with a Masters in Counseling both of which I pursued in the MetroWest area until beginning a family. Several years later, I worked in the interior design field and began a shop-at-home decorating business, helping clients choose colors, fabrics, window treatments, and interior finishes. It felt natural for me to progress into becoming a Realtor where I could put my various backgrounds to work assisting clients, whether buying, staging, or selling their homes, as all involve some teaching, counseling, and design skills. I would be delighted to be your number one resource for buying or selling single-family homes, townhouses, condos, or multi-family houses in MetroWest MA.

Feel free to contact me at 508-648-0393 for a complimentary market analysis or to discuss your current real estate needs.