Step 47 of 48 Phase 6: Close & Move In
6.4 Attend Closing
Closing is the final step where ownership transfers to you. You will sign many documents, so take your time, ask questions, and understand what you are agreeing to.
What Happens at Closing
- Identity verification for all parties
- Review and signing of all documents
- Funds transferred to appropriate parties
- Title officially transfers to you
- Keys handed over (usually after recording)
Key Closing Documents
| Document | What It Does |
|---|---|
| Closing Disclosure | Final loan terms and costs |
| Promissory Note | Your promise to repay the loan |
| Mortgage/Deed of Trust | Gives lender claim on property if you default |
| Deed | Transfers property ownership to you |
| Title Insurance Policy | Protects against title claims |
| Initial Escrow Statement | Sets up tax and insurance account |
Pro Tips
- Take your time - do not rush through signing
- Ask the closing agent to explain anything you do not understand
- Verify your name is spelled correctly on all documents
- Keep copies of everything you sign
- Confirm when the deed will be recorded and you will get keys
Real-World Example
Miguel and Anna's Story: Miguel and Anna arrived at their closing not knowing what to expect. Here is how the 90-minute process went.
- First 10 minutes: Identity verification, introductions, and overview of the process
- Next 30 minutes: Signing the mortgage documents (promissory note, deed of trust)
- Next 20 minutes: Signing title documents, deed transfer, and title insurance
- Next 15 minutes: Reviewing and signing the Closing Disclosure and settlement statement
- Final 15 minutes: Signing remaining documents, exchanging keys, and celebrating
- Miguel caught a misspelling of his name on the deed - the closing agent corrected it before recording
Outcome: By taking their time and reading each document, Miguel caught an error that could have caused title issues later. They received their keys that afternoon after the deed was recorded at the county office.