What Happens at Closing?
You are only one step away from finishing buying your home!
You’ve finished signing all of your paperwork and have eagerly been awaiting the news that the home is now yours.
The final step before you can get the keys to your new home is the event called “closing”.
You’ve probably heard this term thrown around and possibly know that it has to do with the end of the process.
Many people confuse signing with closing. Check out the previous blog post for what signing is because these are actually two separate events. Oftentimes signing happens the day before closing depending on what day of the week signing is completed.
Closing is often referred to as “recorded and funded”. This gives a hint at what the word “closing” means. When the deed is recorded the home is officially recorded under your name at the county office signifying your ownership. When the loan is funded it means the seller has officially been paid and will be happy to have the ownership transferred from their name into yours!
The title company and lender work together to make this happen, and this usually happens the afternoon of closing day.
Thankfully for you, closing is what we call a “passive event” because there’s actually not anything you need to do. That is why this blog post, and step, is so short! You get to sit back after going through the process and waiting to hear when the process is complete.
Once we receive the notification that the transaction is recorded and funded, you officially own your home! At this point, you can officially start packing boxes (if you haven't already) because the home is paid for and is all yours.
Also, an expert tip, you will want your utilities to be set up to start on the closing day. This will ensure that you get to move into your home with the power you need! No one wants to move in without electricity, water, sewer, and garbage services. That would not help the moving process!
Now that closing is completed, the final step will be “possession” which will be discussed in the following post so that you know what to do when you finally get the keys you’ve been dreaming of!
Take a deep breath, you can do this and you will get to this point in the process! If you need help getting started give us a call at (503) 583-2581 or send us an email at daniel.roberts@pacificgrand.com.