Buying or selling a home is a long, often arduous process. But don’t worry, at the end of the tunnel is closing day, the day all the appropriate documents are signed to transfer ownership of the home from seller to buyer officially. Both buyer and seller should be mentally and physically prepared for the closing day to make it go as smoothly as possible. We’ve got you covered with what to expect on closing day as a buyer or a seller. 

Closing day typically happens four to six weeks after a purchase agreement is signed. This leaves time for home inspections and repairs and gives the seller the chance to pack and move. At the end of this waiting period is closing day, the day everyone meets up and signs the paperwork to transfer ownership of the house from one party to another.

Buyers

As a buyer, you can expect to do more of the heavy lifting than the seller. You’ll need to sign lots (and we mean lots) of paperwork. Your primary responsibilities are to sign the appropriate documents and pay closing costs and escrow items. Some of the key documents you will receive are the loan estimate, closing disclosure, initial escrow statement, mortgage note, deed of trust, and certificate of occupancy. 

You and your agent will also go to the house to perform a walkthrough, ensuring that everything is in the condition agreed upon with the seller. The buyer may also receive an offer to buy a home warranty. While these plans vary greatly, they all offer protection for the major systems in your new home, such as HVAC, water heater, plumbing, and major appliances. 

Sellers 

Sellers will also have a few documents to sign. The main focus is the closing statement, closing disclosure, affidavit of title, bill of sale, and deed to the home. In the past, sellers also would have to hand over any keys, garage door openers, or passcodes to the house with them to the closing to transfer to the buyer. 

However, since Covid regulations impacted many people, sellers opted to skip out on the closing day. Instead, they’ve left the keys accessible to the listing agent to pick up and hand over to the buyer. 

Regardless of the safety conditions surrounding Covid and mask mandates, closing day is still an exciting and emotional experience for buyers and sellers. It helps to know what to expect ahead of time so that you can come prepared on the big day you’ve been looking forward to for so long!