Key takeaways
- On average, closing on a home can take anywhere from 30 to 60 days.
- The closing process includes mortgage approval, title checks, home inspections, and gathering required documents.
- Closing day involves reading through and signing paperwork before the title is finally transferred to you.
After the seller has accepted your offer on a home, you’ll begin the closing process. From submitting your mortgage application and ordering the appraisal to completing the final walkthrough and signing paperwork, there are several steps between offer and ownership.
In this Redfin article, we’ll outline 10 steps to closing on a house and what you can expect during the process. Whether you’re buying a house in Durham, NC, or a condo in Long Beach, CA, here’s what you need to know about closing on a home.
Documents you’ll need for closing on a house
There are four key documents you’ll encounter during the closing process. Here’s an overview of what you can expect from each:
1. Closing disclosure: Summarizes your final loan terms, interest rate, monthly payments, and a full breakdown of closing costs. You must receive this at least three business days before closing, and you’ll need to bring this document on closing day.
2. Seller’s disclosure: Also called a property disclosure, a seller’s disclosure outlines any undisclosed details about the home that may negatively impact its value. If the disclosure shows any major issues with the property, you may be able to back out of the deal without losing your earnest money.
3. Title documents: The title documents verify the home’s owner and show if there are any claims or liens against the home.
4. Loan application: You’ll receive a copy of your loan application, which you can review.
10 steps to closing on a house
The closing process finalizes the sales contract between you, the buyer, and the home seller. There are several steps to closing…