How long does it take to close on a house?

You pored over mortgage calculators, budgeted, saved, researched, and visited more open houses than you can count. You put in offers, negotiated, and finally got accepted for your dream home. Now comes the best part — closing. You’re just steps away from crossing the finish line to homeownership. 
This day is too important to be delayed by any mistakes, so ensure that closing day goes off without any issues or delays by adhering to these tips. 

Take Your Final Walkthrough

Your final walkthrough should happen no more than 24 hours before your closing. This is your last opportunity to confirm that:

• nothing has been added, removed, or changed since the inspection.
• the seller has completed all agreed-upon repairs.
• there are no new damages.
• the home is clean.
• any extras that were to be left in the home, such as appliances or patio furniture, are there.

As you inspect the home one last time, be sure none of the seller’s personal property has been left behind. Floors should be swept and carpets should be vacuumed. The bathrooms and kitchens should be spotless, including cabinet interiors and appliances.
If there are issues, report them to your real estate agent. Once you sign the form saying you’re satisfied with the walkthrough, you can’t go back and change your mind. Some problems can be addressed quickly, such as a dirty refrigerator. However, other problems, like non-working appliances or unfinished repairs, may require that you push your closing date back.

Communicate with Your Team and Be Prepared

It’s critical to know what to expect on closing day. Speak with everyone involved in the deal at least a week before your scheduled closing and check-in again the day before. This includes your mortgage broker, real estate agent, and real estate lawyer. They will give you a detailed breakdown of what to expect, what you need to bring, and what forms of payment are accepted. Make sure they have everything they need from you in advance, that all closing documents are ready, and that everyone has looked over their documents. Also, be sure that your agent has communicated with the seller and everyone is on the same page.
Your closing will begin with reviewing and signing the documents. Then you will turn over the funds you owe, which will be disbursed to the appropriate parties. Once the title is officially transferred to you, you’ll receive your keys. 

Review Your Loan Documents

Be sure that you personally review all documents before closing. The law states that you have the right to review the HUD-1 (the closing settlement statement) at least 24 hours prior to closing. Check this form against the good faith estimate given to you when you applied for your loan—they should be the same. Talk with your lender about any discrepancies.
This is the time to make sure there aren’t any problems with your loan. Remember that once any documents are signed, it’s too late to make changes. If you do find issues, there may still be time to get them straightened out before closing day. If not, you can reschedule the closing once the documentation is revised to your satisfaction.
Pay attention to little details. Small items like misspelled names or incorrect addresses can delay a closing for days.

Know Who’s Who

A closing agent or escrow agent from the title company will be in charge of the closing. You can also expect your agent, your loan officer, and both of your real estate lawyers to attend. Depending on what state you’re in, a lawyer will be required to be there. Sellers and their agents usually don’t attend the closing. 

Make a Checklist of Things to Bring to Closing

When you speak with your closing team, ask them exactly what you’ll need to bring to the closing. While each state has different requirements, typically you’ll only need to bring a valid photo ID, proof of insurance on the house, and certified funds for closing. Your agent will tell you if you need to get two separate checks for the down payment and the closing costs and who they need to be made out to. Make sure you have certified funds such as a cashier’s check, money order, or wire transfer—the bank will not accept a personal check. 
Because most sellers don’t attend the closing, they will provide your attorney with the loan payoff and final oil, electric, and water readings.

Avoid Back-to-Back Transactions

If at all possible, avoid back-to-back transactions, or concurrent closings. If you are selling your current home before you purchase your new home, concurrent closings usually happen within two days of each other. If you have some leeway, try to schedule more time between the closings. If your first transaction is delayed because of an issue, your second transaction will also be delayed. Ideally, a week between closings would give you some peace of mind that the first transaction will be completely squared away before you buy. 

Schedule Everything You Need to Move in Advance of Closing Date

Although this last step won’t affect your closing, it’ll make everything that happens right after you close run more smoothly. Be sure to schedule everything that needs to be done several weeks before, such as:

• Hiring movers or planning on getting friends and family together to help.
• Cleaning out your old house.
• Transferring utility services from your old home to your new home.
• Calling the cable company to hook up cable.
• Setting up an internet connection in your new home.

If you follow these simple steps, you’ll be set for a swift closing process that skirts any avoidable pitfalls. All that’s left is for you to enjoy your new home.