Closing day is one of the most anticipated real estate moments for buyers and sellers. It marks the final step in the process, where ownership is officially transferred, and the keys to a new chapter are handed over. At The Zander Team, we believe in preparing our clients for this crucial day. Here’s a comprehensive guide on what sellers and buyers should expect at a closing in Central Kentucky.
For Sellers
1. Final Walkthrough
The buyer typically performs a final property walk-through before the closing meeting. This ensures that the home is in the agreed-upon condition and that any negotiated repairs have been completed.
2. Gather Necessary Documents
Sellers need to bring a government-issued ID to closing. Leaving warranties at the house on the kitchen counter is helpful. Receipts for repairs should be sent before the final walk-through or left on the counter for the final walk-through.
3. Preliminary Settlement Statement
Before the closing, sellers will receive a preliminary settlement statement showing their net proceeds after expenses have been paid. It will also itemize those expenses and should include commissions, transfer taxes, fees paid to the closing attorney’s office, and prorated taxes.
4. Signing the Paperwork
At the closing, sellers will sign various documents to transfer property ownership. These include the settlement statement, which details the financial transaction, and the transfer deed.
5. Receiving Payment
After signing the necessary documents, the seller will receive payment for the property via wire transfer or check.
6. Handing Over the Keys
Once everything is signed and funds are transferred, the seller hands over the keys, garage door openers, and any other necessary items to the buyer.
For Buyers
1. Final Walkthrough
As a buyer, you’ll conduct a final property walkthrough, typically within 24 - 48 hours before closing. This is your last chance to ensure that the property is in the agreed-upon condition and that any requested repairs have been made.
2. Bring Required Funds and Identification
Buyers must bring a government-issued ID and the necessary funds to cover the down payment and closing costs. These funds are usually brought as a cashier’s check or wire transfer.
3. Review the Closing Disclosure
Review the closing disclosure form, which should be provided at least three days before the closing. This document outlines your loan terms, monthly payments, and closing costs.
4. Signing Loan Documents
At the closing, buyers will sign various loan documents, including the mortgage note and deed of trust. These documents officially secure your loan and outline your repayment obligations.
5. Homeowner’s Insurance and Title Insurance
Ensure you have homeowner’s insurance in place, as it’s typically required by lenders. Additionally, you’ll sign paperwork for title insurance, which protects against any claims on the property. If you are financing the purchase, Lender’s Title Insurance is required, and Owner’s Title Insurance is recommended.
6. Receiving the Keys
After all documents are signed and funds are transferred, you will typically receive the keys to your new home unless pre or post-closing occupancy has been worked out in advance. This is the moment you officially become a homeowner!
Closing day is an exciting milestone for both buyers and sellers. Understanding the steps involved and being well-prepared can ensure a smooth and stress-free experience. The Zander Team is here to guide you through every step of the real estate process, making your closing day a celebration of new beginnings.
If you have any questions or need assistance, contact the Zander Team. We’re here to help you confidently and easily navigate the real estate journey. Let the Zander Team be your trusted partner in Central Kentucky real estate. Whether you’re buying or selling, we’re committed to making your experience as seamless and enjoyable as possible.
