What to Expect When You're Expecting to Close

by Monique Tunsill 10/06/2019

One of the most famous books around, with over 18 million copies in print, and that holds the title as the longest running "New York Times" bestseller ever, is What to Expect When You’re Expecting. Now in its fifth edition, this pregnancy bible walks parents through what to expect during the nine months leading up to and including delivery.

Buying a home is nearly as momentous as having a baby, and yet, most potential buyers don’t really know what to expect when closing on their home purchase. In fact, knowing what to expect is even more urgent because closing happens in a much shorter time-frame, in as little as 12 days in some cases.

So, what should you expect?

The one part those home-buying reality shows leave out is the closing. So, to many buyers, it remains a mystery until they're in the middle of it. Even real estate professionals get nervous about closing. It's the moment where anything can go wrong, and everything can go right! It begins with mountains of papers to sign and ends with a handful of keys in exchange for a lot of money. So just what is closing and what should you expect?

“Closing” is short for closing the deal or completing the transaction. During closing several significant things happen: Title of your home transfers from the seller to the buyer; the proceeds of the sale (everything remaining after any seller’s fees are paid) distribute to the seller; and if financing the home, the buyer signs the mortgage note, pays fees, insurances, taxes, and real estate commissions. A lot of things happen at closing, so give yourself plenty of time to understand each aspect of the process if it’s your first time around.

At the time of closing, your agent and your loan officer will inform you about what you need to bring to the meeting. Bring identification, so have your driver’s license or passport on hand. You’ll need a cashier’s check for your down payment and the closing costs that appear on your HUD-1 Settlement Statement. This three-page document outlines exactly what your obligations are at closing and in the future. In addition, small items crop up at closing that might need additional funds (furniture you requested the seller leave behind, extra propane or heating oil you're buying directly from the seller) and last-minute requests. 

You'll be signing lots of papers. These legal documents obligate you for many years to come, so make sure you understand them. Also, make certain your name is spelled correctly on every page and every addendum. If you're purchasing with a partner or spouse, make sure the legal designation is as you want it. Changing it later may be difficult.

Recognize that while you may have a close estimate of closing costs, you will not know the exact amount until the day of closing, so round up a bit and have extra funds on hand. Sometimes you can swing a deal for the seller to pay all closing costs, but you’ll still be liable for pro-rated taxes, association dues, insurance, and other buyer obligations.

Don't be surprised by fees. Ask your agent to go over all the charges with you so that you know which ones you pay for and which ones the seller pays for.

About the Author

Monique Tunsill

Monique Tunsill is a Jacksonville; First Coast native, devoted wife, and mother of five wonderful children. She knows the lay of the land and is equipped to provide competent and compassionate guidance for those seeking the purchase or sale of real estate on the First Coast.

Monique is a lover of good inspirational, funky, heartfelt, meaningful music. But where her passion truly lies, is in the education of our children. Her commitment to the young is witnessed in the positive self-encouragement and tutelage she freely gives to those at her child's academy school where she volunteers. She says children are our future and so we must instill the best in us to them.

During her twelve-year military career, Monique served as a logistical expert for her Battalion and as an instructor for soldiers transitioning into the logistical field. As a Federal Technician she managed programs valued in excess of thirteen million dollars and earned a number of awards recognizing her excellence in communication, leadership, problem-solving, and her comprehensive approach to completing the task at hand.

Buying and selling real estate can be exciting, exhausting, and stressful all at once. The process requires enthusiasm, patience, perseverance, and resourcefulness. All of which are qualities Monique has exuded throughout her military career and family life. Now, as a member of the Coldwell Banker Vanguard Realty team, she stands on the firm footing established over 112 years ago by Coldwell Banker. Known for her love of people and commitment to helping others, she stands ready to help you reach your real estate goals and be... 'The Bridge to Your Destination'.