Buying a home is not an easy task. You have to find the house, put an offer in, and go through months of paperwork to reach your closing date. Closing is when you finalize everything and get the keys to your new home. Keep these five things in mind so you know what to expect when your big day finally arrives.

  1. Complete the Contingencies

Contingencies are things that the buyer has to do before the sale is official. These are the most common contingencies you’ll have to deal with.

Appraisal: The appraisal allows a third-party to examine and estimate the value of the home. If they determine that the value is less than the asking price, the buyer can back out without forfeitting the initial deposit.

Financing: This contingency allows you to back out of the deal if your financing falls through for any reason. You have to obtain a mortgage loan within a specific time period which is outlined in the sales contract.

Home inspection:Buyers have the right to a home inspection and they can request that the seller fixes the problems or back out of the sale.

  1. Clear the Title

Taking the title gives you ownership of your home. Your lender requires a title search and insurance to prevent legal claims on the property. Clearing the title ensures long lost relatives don’t try to come forward in the future and claim that they have rights to the property.

  1. Obtain Final Mortgage Approval

An underwriter examines your finances and claims to ensure that you’re being truthful in your ability to repay the mortgage. They’ll look at your appraisal, check your credit score, and verify that nothing has changed in employment or finances since you originally applied.

  1. Examine the Closing Disclosure

This document spells out the specifics of the loan such as your monthly mortgage payment, interest rate, term of the loan, and any additional fees you’re responsible for. Check that the numbers are what you were expecting.

  1. Final Walk-through

You’re allowed to walk through the home 24 hours before your official closing to make sure the previous owners have moved. You can also verify that everything is in the condition you expected and issued have been fixed that were identified in the home inspection.

  1. Bring the Appropriate Documents

Go to your closing prepared with the documents you need. Ensure you bring the following:

  • Copy of your contract
  • Paperwork requested by the bank
  • Government-issued photo identification
  • Home inspection
  • Proof of homeowner’s insurance

Prepare to be there for a few hours and to sign tons and tons of paperwork. Once it’s all done you’ll feel a huge sense of relief.