The Closing

Congratulations! You’ve made it to last step in the real estate home buying process (and the last step in this Middleton Home Buying Guide)… the closing!

What is a closing?

This is one of the most frequently asked questions when it comes to the real estate transaction. It is basically the final step to taking ownership of your new property. It is a process which enables a third party to sit down with all the parties involved with the sale and go over all the details. There are many questions people ask about closings.

Who will be at the closing?

The closing agent will be there to preside over the closing. They may work for the lender or the title title and can sometimes be an attorney. The other people present will be the buyer and seller, who may bring their attorneys, and the real estate agent(s) handling the sale. The title company will also send a representative who can provide the evidence of a clear title. The lender may also be present.

How long is the closing process?

The closing process is actually the shortest meeting during the entire buying process. It normally only takes about an hour from start to finish depending on how many mortgages you’re taking out on the property.

Do I get the keys to the house at the closing?

Under normal circumstances, the keys will be presented to you by the seller at the end of the closing. There may be stipulations which allow the sellers to stay in the home for a set period of time. This will have been determined when the purchase agreement was signed.

What happens at the closing?

This is where you will be signing the final documents pertaining to the purchase of your new home. This will include the Truth in Lending Statement. This is also referred to as a Regulation Z. The lender must present this so you know exactly what the interest rate is and what the entire amount of the loan is going to be. This paperwork will allow you to see the total cost of the loan, the interest rate, the amount borrowed, and the annual percentage rate.

You will also sign the mortgage note and the mortgage documents. The note is the actual paperwork that states you are borrowing X amount of money and plan on paying it back in the terms written therein. The mortgage is the lien on the property you are buying.

The warranty deed will be presented to the buyer and the seller to sign. The signing is the transfer of ownership.

You will also be asked to sign, along with the seller, a proration agreement which states how the money owed for taxes is going to be paid the month of the closing.

The abstract will also be a part of the closing paperwork. This is the history of the property, on paper. This will include prior sales and any other important information about your new home.

There will be an affidavit which states you are who you say you are and you can prove it.  This will need to be signed as well.

Of course, one of the last papers you will sign is the one stating you have seen all these other papers and have a copy of them. The closing may seem tedious and nerve-racking; however, it is the very last step in the process and something to celebrate. It is worth the effort when you are able to walk into your new home and know it is yours.

CONGRATULATIONS!!! You’ve made it! You are now the proud owner of your new home.

If you have any questions, comment or concerns over the process, please don’t hesitate to contact Ron Reed at 608-395-3005, email at or by leaving a comment below.

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