You’ve finally come to the end of your home-buying journey and are about to enter escrow. It took quite a bit of time and preparation to get your credit and finances in order, find the home you always wanted in a neighborhood you love, make a fair offer on it, negotiate a fabulous deal, pre-qualify for and obtain a mortgage loan, get insured, and now you’re here. With the hard parts finally being over, there’s still the waiting period getting to closing – your final hurdle. While you may feel like you’re home free, it’s best not to fully celebrate until you’ve got the keys in your hand. But before that happens, all parties to the transaction must meet to seal the deal of settlement. Prepare for your final process. In order to ensure you are completely ready, here are a few handy step-by-step tips on what to expect in a real estate closing:

Step 1: Prepare for Closing

Make sure you review your closing form. Though there are many types of loans out there, chances are likely you’ll obtain a HUD-1 settlement statement. Reviewing it will help you to understand your loan terms, interest rate, mortgage payment outline, and any discrepancies from your lender’s good-faith estimate. Complete a final walk-through. You should have 24 hours to complete a walk-through before closing, so first ensure the previous owner has got everything out. And make sure the home is in the same condition that was highlighted in the contract – including any repairs the seller agreed to fix. Any issues found during this process need to be addressed with the seller ASAP.

Step 2: Paperwork to Bring

Make sure you have a copy of your contract, proof of homeowner’s insurance, government-issued photo ID, home inspection reports, and any other information that might be necessitated by the bank. Also be sure to bring your down payment information. Expect to have to pay it through wire transfer or cashier’s check. Any smaller fees you may have to pay will be okay with a personal check, so bring your checkbook too.

Step 3: The Closing

Expect to see a lot of people, from the seller and their agent to your own, attorneys, title representative, and even your lender, among possible others. There will also be a title clearance to ensure no liens or other issues. There will also be plenty of other legal documents to sign as well. Finally, just know that there is a possibility some little curveball might come your way, like a missing document or a non-appearance from a party. But when the whole thing is said and done, just remember that those keys will be the payoff. If you need more information about the home-buying process, closing information, or need to be put in touch with a settlement agent in the North Reading, Lynnfield, or Wilmington area, contact our experienced and knowledgeable agents at Dooley & Mason Realty Group.