The process of closing a home loan differs across the country. However, there are common elements of this process. Knowing what to expect and being prepared will make the closing an event you look forward to, rather than one to dread.

WHAT IS CLOSING?
It is the consummation of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, the signing of notes, and the disbursement of funds necessary to complete the sale and loan transaction from the seller to the buyer.

SETTING THE CLOSING DATE?
Not all closings are equal. Make sure to set a date that’s in your best interest. Something to consider are:
- Does it give you enough time to prepare your move?
- Does it match up with the availability of the place you are moving to?
- Are there tax implications? (If it falls at year’s end, would you be better off pushing it into January?)

FINAL WALK THROUGH?
The day before or the day of closing the buyer goes with the agent to do a Final Walk Through. This is their chance to inspect the premises and make sure that you have completed all repairs and met the conditions specified in the purchase contract. They will check that everything is in the home and in working order. They will also check the plumbing, the appearance, light fixtures, and statuaries, etc, that are meant to remain in the home.

WHO IS INVOLVED?
Closings must be coordinated with many parties that may include:
- The Seller
- The Buyer
- The Lender
- The Sellers Mortgage Holder
- Respective attorneys
- The Real Estate Agent
- The Transfer Agent (If it’s a co-op)
- The Managing Agent (If it’s a condo)
- The Title Company Representative.

WHAT SHOULD I BRING TO THE CLOSING?
You should bring your final water / electricity / heating readings. Bring your drivers license for proof of identification also.

MAJOR CLOSING COSTS?
This is paid in the adjustments.
- Stamp Taxes ($4 for every $1000)
- Your attorney
- Real Estate Agents commission