Closing Day - NEW CENTURY REAL ESTATE

Closing Day

Closing and Funding

Final Steps to Homeownership Conduct a Final Walk‑Through

Before you sign any closing papers, schedule a final walk‑through with your New Century Real Estate agent. This walk‑through typically takes place within 24 hours of settlement and is your chance to confirm that the property is in the same condition as when you made your offer or completed your home inspection. Use this time to verify that the seller has moved out and that all agreed‑upon repairs or improvements have been completed.

Bring a copy of your purchase contract and inspection report and move methodically through the home. Photograph or video each room and exterior area to document overall condition, and be sure to capture utility meters, appliance serial numbers, and the condition of major systems like the HVAC unit, water heater and breaker panel. Confirm that essential utilities—electricity, gas and water—are on and functioning properly. Test the heating and cooling system to ensure the HVAC produces heat and air conditioning, run faucets and showers to check water pressure and verify the water heater provides hot water. Taking readings of gas, electric and water meters is a smart way to document consumption up to closing. If anything looks amiss, notify your agent immediately so it can be addressed before closing.

After your lender has issued final loan approval, the last step is closing on your new home. During this stage, the underwriter may still request additional documents, so respond promptly and provide any requested forms. At closing, you’ll sign final loan and property documents and hand over your down payment and closing costs. Bring a cashier’s check or arrange a wire transfer to cover your down payment, closing costs, prepaid interest and property taxes; closing agents typically do not accept personal checks.

On closing day, you’ll also need valid identification, proof of homeowners insurance and any other documentation your lender requires. Your real estate agent or attorney will be present to guide you through the paperwork and answer questions. After all parties sign the documents, the title company sends them to the lender for review. The lender then wires the loan funds to the title company. A home loan becomes official only after funding — closing occurs when all parties sign loan documents, and funding occurs when the title company receives the lender’s money. Most purchase loans close and fund on the same day. Once the loan is funded and the transaction is recorded, the sale is complete and you receive the keys to your new home.

Work closely with your New Century Real Estate agent and mortgage professional to ensure a smooth closing. By staying organized, verifying your funds and documents, and understanding the sequence of events, you’ll be ready to step into your new home with confidence.