Closing on Home

The mortgage loan Closing is the final step to official ownership of your home.  Again, your Realtor will assist you with each step of the process, including writing the Offer to Purchase, meeting deadlines and contingencies, final walk-thru, etc.

At the Closing, you will sign the mortgage loan documents and pay your closing costs; the Seller will execute the deed and the closing agent will record the necessary instruments to give you legal ownership to the property.

Homeowner's Insurance

• The lender will require you to have homeowners insurance on the property that covers the amount of the replacement cost of the property.

Survey or Plot Plan

• The lender may require a survey, or plot plan, of the property to confirm that the property's boundaries are as described in the sales contract.

Water and Sewer Certification

• If the property is not served by a public water and sewer facilities, you will need local government certification of the private water source and sanitary sewer facility.  Properties with well and septic water sources are usually governed by county codes and standards.

Flood Insurance

• If the lender or the appraiser determines that the property is located within a defined flood plain, the lender will require a flood insurance policy.

Final Walk Through

• Within 48 hours prior to your closing, you and your real estate agent should make a final inspection of the property to make sure any required repairs have been completed, all property included in the purchase contract, such as kitchen appliances, carpeting and draperies are present and that no recent fire or storm damage has occurred.