The Closing Table

by Marianna E Perez 08/26/2018

The home buying process can be long and daunting. From trying to find the right home to facing rejected offers, it can seem endless. Eventually, you will find the right home and get that offer accepted. Now you must face the next phase what’s called “closing” on a home. What exactly happens at the closing table can vary based on your own situation, but the important thing to know is that the closing table is where the deal is sealed and signed. The home of your dreams will finally be yours!


Find The Location


The location of the closing will be determined beforehand. It’s usually at a lawyer’s office but it could be at a realtor’s office. The attorney who has been chosen will be noted on the closing documents you receive before you get there.   


Get Ready To Write Large Checks


When you’re closing on a home, this is the time that the downpayment is expected along with all of the lawyer’s fees, taxes, commissions, assessments, and other agreements. This money should be presented at the time of closing and there’s no wiggle room on the timing, so be sure you have the cash handy in your account. Often, a bank check will be required to pay these fees along with the downpayment. Your lender will give a a detailed report of the fees that are required before you even head to the closing table, so you’ll have time to prepare.


Do Some Hand Stretches


There will be plenty of pens available at the closing. You’ll be there for awhile signing many important documents, so bring some water. If you don’t have a safe or file folders, you’ll want to get them as well. Depending on how your closing is conducted, a lawyer or other authorized person will be present to explain the legal jargon to you for every piece of paper that you’re signing. Every document that you sign should be saved for your reference and safe keeping. The proof of insurance and the deed to your property are definitely documents that you’ll want to have handy for a long time to come. Your home is one of the largest purchases that you’ll ever make in your lifetime, so be sure to keep that paperwork in order. 


After Closing Ends


After all of the papers are signed and the walkthrough of the home is complete, you’re a homeowner! In most cases, you’ll be able to call the home your own immediately. In some special cases, there are post-closing agreements that include repairs that couldn’t be done ahead of time, or other transactions that the seller may have agreed with you on at an earlier date. 


In most cases, everything will be taken care of right at the closing table. One of the most exciting moments is when the keys are handed over to you! After a long time of searching, many phone calls, and a lot of work, now you can start putting that elbow grease into your home!

About the Author
Author

Marianna E Perez

Marianna E. Perez is a Real Estate professional with over 20 years of experience. A lifelong resident of South Florida, she keeps her finger on the pulse of the latest trends and movements in the real estate market. She offers clients top-notch guidance from start to finish, ensuring the entire process is seamless, efficient and rewarding. Prior to entering real estate, Marianna was Senior Vice President of Commercial Real Estate Banking at City National Bank of Florida. She provided strategic leadership facilitating profitable and efficient origination of real estate loans. Marianna was a trusted advisor to clients and to the bank growing a real estate portfolio to over $300 million. She is firmly committed to the philosophy “not quantity, but quality,” which she practices in both her personal and professional life. Marianna is a graduate of FIU where she earned a bachelor’s degree in business management. She is a member of the Miami Association of Realtors, a lifetime board member of the BASF (Builders Association of South Florida), a member of CREW (Commercial Real Estate Women), and ICSC (International Council of Shopping Centers). She is also involved with the Women’s Leadership Council (United Way TNC). In addition, Marianna has received these special industry accolades: Housing Hall of Fame inductee 2017 Builders Association of South Florida, Associate of the Year 2017 Builders Association of South Florida, Florida’s Best Awards Chair 2016 and 2004 Builders Association of South Florida, Vice President 2008 Builders Association of South Florida, President’s Award 2008 and 2003