{"id":38797,"date":"2022-01-25T17:00:19","date_gmt":"2022-01-26T01:00:19","guid":{"rendered":"https:\/\/www.hayden-homes.com\/blog\/?p=38797"},"modified":"2023-06-13T15:36:54","modified_gmt":"2023-06-13T23:36:54","slug":"what-to-expect-at-closing-for-your-new-home","status":"publish","type":"post","link":"https:\/\/www.hayden-homes.com\/blog\/what-to-expect-at-closing-for-your-new-home\/","title":{"rendered":"What to Expect at Closing for Your New Home"},"content":{"rendered":"\n
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Closing on your new home is a time to celebrate. It\u2019s the last step of the homebuying journey where you finalize all the details and finally get the keys to your new home. But what exactly happens during closing? While the actual process may vary a bit, here\u2019s a general idea of what you can expect when you close on your new home.<\/p>\n\n\n\n

What is a Home Closing?<\/h2>\n\n\n\n

The closing (also called a settlement or completion) is the process of transferring ownership of a property from the seller (or builder) to the buyer. This is when documents and money are signed and transferred to complete the home purchase.<\/p>\n\n\n\n

How Long Does Closing Take?<\/h2>\n\n\n\n

The closing process can take several weeks to navigate. The average time to close a loan was 48 days in July 2021<\/a>. Why does it take so long? There\u2019s a lot happening during this time including home inspections and final walkthroughs, appraisals, title review, and the review and approval of your mortgage application. While there isn\u2019t anything you can do to speed up the closing process, here\u2019s what you can do to keep your closing on schedule and avoid costly delays<\/a>.<\/p>\n\n\n\n

Who Attends Closing?<\/h2>\n\n\n\n

Closing requirements vary by state, and sometimes even county to county, but generally the closing agent, lender, title company representative, and the buyers will be present.<\/p>\n\n\n\n

What Happens During Closing?<\/h2>\n\n\n\n

You will have two primary responsibilities during closing. First, you\u2019ll sign a variety of legal documents that will outline the terms and conditions of your mortgage and transferring ownership from the seller to you, the buyer. Be sure to read everything carefully and ask for clarification before signing them. Second, you\u2019ll pay closing costs and fees, including property taxes and utilities. These are usually paid with a certified or cashier\u2019s check made out to the escrow company or a wire transfer directly to the banking institution.<\/p>\n\n\n\n

There are three main documents you\u2019ll sign:<\/strong><\/p>\n\n\n\n