brick house pending closing

Common Closing Questions in Real Estate

You’ve chosen your house, filled out reams of paperwork, and signed an endless list of documents. Now, you’re ready to close on your property. What will that look like? Closing, or settlement, is the final step in the home buying process. This is where you sign the final papers and officially become the owner of your new property, or, if you’re the seller, hand over the keys and receive your funds. Here are some common closing questions about the settlement process that will help you through the big day.

1. Will My Title Documentation Be Ready for Closing Day?

Your lender and title company have been working behind the scenes to prepare all the documentation needed for the date of your closing. Part of this includes a title search to determine if there are any liens or other issues with the title. Once the property is confirmed to be clear, all paperwork is prepared, including the deed and title insurance, and is ready for settlement day.

2. What Forms of Payment are Accepted at Closing?

Your final costs are calculated before your settlement date, including reimbursement to the seller of money paid towards taxes and other predetermined payments due. The final settlement costs will be explained before closing and will be paid in the form of a cashier’s check(s).

3. Will There Be a Final Walkthrough of the Property?

Prior to the settlement date, a final walkthrough of the property is performed to ensure any requested repairs have been made and no new issues have been identified.

4. Do I Need Legal Representation at Closing?

While many states do require an attorney to represent you at the settlement table, the state of Maryland does not. Your title company teams, lender, and realtor do the heavy lifting and make sure everything is legally prepared and ready for closing. There will be a settlement agent in charge of the process who will ensure that everything is in order.

5. What Documentation Do I Need at The Settlement Table?

You’ll need to bring a government-issued form of photo ID (License, passport, ID card). Bring a checkbook in case there are small adjustments made at the settlement table. While large sums of money must be in a cashier’s check, smaller amounts can be paid via personal check.

A seller needs to bring any bills for unpaid taxes along with keys, garage door openers, and copies of any appliances or home warranties that can be transferred to a new owner.

6. What Paperwork Will I be Taking Home?

Bring an empty binder or folder with you to settlement. After all signatures have been completed and the settlement is over, you will receive copies of several important documents including:

  • Deed
  • Title commitment
  • Note
  • Lender’s first payment letter 
  • Closing Disclosures

Did You Know?

You can choose many services throughout the process, including your title company. Real Estate Title Service has been meeting the needs of buyers, sellers, realtors, and lenders throughout Montgomery County, Frederick County, Carroll County, Howard County, and Washington County Maryland for over 40 years.

Settlement can be stressful enough; let us handle your title needs, including searches, abstracting, and recording so you can be sure you’re ready for closing day. Contact us today and let’s get started.