Closing Day & What Happens After You Get the Keys

Closing Day & What Happens After You Get the Keys

This is the final post in our 6-part series on buying a home in a challenging market. Start with Post 1 here.

Closing day! You've made it! After all the searches, the showings, the offers, the inspections, and all the paperwork in between, today is the day you officially become a homeowner!

Here's exactly what to expect for closing:

What to Bring to Closing

Before you show up at the title company, make sure you have:

• A valid government-issued photo ID (driver's license or passport)
  
  
• Certified funds for closing costs:  a cashier's check made out to the title company, or wire transfer confirmation. Personal checks are not accepted at closing. Confirm the exact amount with your agent or title company the day before.
  
  
• Any remaining documents your lender requested
  
  

Do not under any circumstances make large financial moves before closing. Don't open new credit accounts, make large purchases, change jobs, or move significant sums of money between accounts. Any of these can disrupt your loan approval at the last minute.

What Happens at the Closing Table

Closing typically takes place at a title company office and lasts about an hour, sometimes less. Here's the basic flow:

You'll sign a lot of documents. The deed of trust, the promissory note, the closing disclosure, and several other forms.

Your closing officer will walk you through each one. Don't rush! Feel free to ask questions about anything you don't fully understand before you sign.

Funds are exchanged. Your down payment and closing costs are transferred to the appropriate parties. Your lender begins the process to fund the loan. Lender funding can take anywhere from a couple of hours to a couple of days, depending on the loan type, lender, and the day of the week you close.

Be aware that in most situations, you can not take possession of the home or begin moving in until funding has been completed!

The deed is recorded. The title company submits the deed to the county for recording, which officially transfers ownership to you.

After funding is complete, you receive your keys! The home is officially yours! 🎉

Closing Costs — What You're Actually Paying For

Closing costs depend on the sale price of the home and cover a range of fees including:

• Loan origination fee
  
  
• Appraisal fee
  
  
• Title search and title insurance
  
  
• Prepaid homeowners insurance
  
  
• Prepaid property taxes (escrowed)
  
  
• Recording fees
  
  
• Prepaid interest (from closing date to first payment)
  
  

Your closing disclosure itemizes every single cost. Review it carefully and compare it to the loan estimate you received at the start of the process. If anything looks different, ask your lender to explain it before closing day.

What to Do Right After You Get the Keys

The ink is dry. The keys are in your hand. Here's your new homeowner checklist for the first few days:

Change the locks- We recommend changing the locks or door codes upon move-in to enhance your home's security. You don't know how many copies of the previous keys exist. This is a simple, inexpensive step that gives you real peace of mind.

Document the home's condition- Do a full walkthrough with your phone and take photos of every room, appliance, and system. This creates a record of the home's condition on day one, which can be useful for insurance purposes and future reference.

Locate your main shut-offs- Know where your main water shut-off, electrical panel, and gas shut-off are located before you need them in an emergency.

Set up or transfer utilities- We recommend doing this ahead of time and having the transfer scheduled for closing day to ensure you don't go without electricity, gas, water, internet, and any other services!

Update your address- Driver's license, voter registration, USPS mail forwarding, bank accounts, subscriptions, etc. There's a longer list than most people expect, and Texas law requires your address to be updated on your driver's license within 90 days of moving!

Meet your neighbors- A simple introduction goes a long way in building the kind of community that makes a neighborhood feel like home.

Building Equity From Day One

Buying a home is one of the most significant financial decisions most people make, and in Abilene's growing market, it's consistently paid off for buyers who commit.

Every mortgage payment you make builds equity. Every year of appreciation builds wealth. And every improvement you make builds the kind of home you want to live in.

Homeownership isn't just about square footage, it's about stability, roots, and building something that's yours.

We're Still Here After Closing

Our relationship with our clients doesn't end at the closing table!

That's why we've created the Raving Fan's Club, where all current and past clients receive exclusive invites to our special events and other great benefits such as free moving truck rentals and notary services, as a "Thank You" for doing business with our team! Membership in the Raving Fan's Club is absolutely FREE for LIFE!

Whether you have questions about your property taxes, need a referral to a contractor, or are thinking about your next move down the road, we're here to help!

If you have friends, family, or colleagues who are thinking about buying or selling in Abilene, we'd be honored by the introduction. Referrals are the highest compliment we receive, and we treat every client we serve with the same care and attention you experienced.

Thank you for trusting us with such an important decision. Welcome home!

Home Buyer Tips Series: Buying a Home in a Challenging Market

• Post 1 — What Does a Challenging Market Really Mean?
  
  
• Post 2 — Getting Your Finances Ready
  
  
• Post 3 — How to Find the Right Home
  
  
• Post 4 — Making a Competitive Offer
  
  
• Post 5 — Inspections, Negotiations & Road to Closing
  
  
• Post 6 — Closing Day & What Happens After (Current Post)

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The Tonya Harbin Team | Real Broker, LLC. | Real • Personal • Trustworthy