What to Expect When Closing on a Home: A Guide for Buyers

After your offer has been accepted, you’re one step closer to homeownership, but there’s still work to do before you officially get the keys. The closing process involves finalizing all financial and legal details, ensuring the home is ready for you, and signing the necessary paperwork. Your buyer’s agent will guide you through this final phase, helping you stay on track and making sure everything runs smoothly. Here’s what to expect as you move toward closing day.
 

Open an Escrow Account

 

Once the offer is accepted, your earnest money deposit is placed in an escrow account. This account is managed by a neutral third party, such as a title company or escrow officer, to ensure that all funds are handled securely. Your agent will work with the title company to coordinate this process.

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Schedule a Home Inspection

A home inspection is an important step to ensure there are no hidden issues with the property.

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Your buyer’s agent will:

• Help you schedule a licensed home inspector

• Attend the inspection with you (if possible)

• Review the inspection report and negotiate repairs if needed If major repairs are discovered, you may be able to ask the seller to fix them, provide a credit, or adjust the purchase price.

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Secure Your Financing

​If you’re financing your home purchase, now is the time to finalize your mortgage.

 

You’ll work with your lender to:

• Provide any remaining documentation for loan approval

• Schedule an appraisal to determine the home’s value

• Lock in your interest rate

 

Your buyer’s agent will communicate with your lender to ensure the financing process stays on track.

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Title Search and Insurance

 

The title company will conduct a title search to ensure there are no legal claims, unpaid taxes, or ownership disputes on the property. You’ll also be required to purchase title insurance, which protects you and your lender from future title issues. Your agent will coordinate with the title company to make sure the title is clear before closing.

 

****If your purchase is taking place in the state of Iowa this part of the process is a little different, with lawyer generally providing opinion on an abstract instead - if you are looking in Iowa feel free to reach out to me to learn more about how that closing process differs****

 

Review Closing Disclosure

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A few days before closing, your lender will provide a Closing Disclosure, which details:

• Final loan terms

• Interest rate

• Monthly mortgage payments

• Closing costs Your buyer’s agent will review this document with you to ensure there are no errors or unexpected fees.

 

Final Walkthrough

 

Typically done 24 to 48 hours before closing, the final walkthrough is your chance to ensure:

• The home is in the same condition as when you made the offer

• Any agreed-upon repairs have been completed

• The seller has fully moved out Your agent will walk through the home with you to make sure everything is as expected before you finalize the purchase.

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Closing Day

 

On closing day, you will meet at the title company or attorney’s office to sign the final paperwork and officially transfer ownership.

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Here’s what happens:

• You’ll review and sign loan documents

• The title company will record the sale with the county

• Your lender will disburse the funds to the seller

• You’ll receive the keys to your new home

 

Your agent will be there to answer any last-minute questions and ensure everything goes smoothly. Closing on a home is the final step in your home-buying journey, and working with a knowledgeable buyer’s agent makes the process much easier. From managing inspections to reviewing documents, your agent will help you every step of the way. If you’re ready to start your home search or have questions about closing, reach out today—I’d love to help guide you to homeownership.