During: Buying Process Overview: Closing
Closing is all about closing on the purchase and sale. It is the sixth step in the Buying Process Overview.
The Closing process is shown visually below.
When you're done with all the tasks below, mark that you've completed this checklist.
Buying Process OverviewClosingDuring ChecklistsUltimate Nomad ChecklistWeek 12
https://LearnToBeRich.com/closing-real-estate-deals/
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ClassesClosingGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 61Week 9
https://LearnToBeRich.com/prepare-for-closing/
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ClosingClosing: Prepare For ClosingUltimate Nomad ChecklistWeek 12
https://LearnToBeRich.com/closing-real-estate/
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ClosingClosing: Closing Real EstateUltimate Nomad ChecklistWeek 13
https://LearnToBeRich.com/closing-financing/
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ClosingClosing: Closing FinancingUltimate Nomad ChecklistWeek 13
https://LearnToBeRich.com/immediately-after/
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ClosingClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
The Closing stage consists of the following steps with brief explanations of what is included in each step:
- Prepare For Closing – The things you should and must do to prepare for attending closing.
- Closing “Real Estate” – The actual closing of the real estate portion of your purchase.
- Closing “Financing” – The actual closing of the loan portion of your purchase.
- Immediately After – The things you should and must do immediately after attending closing.
Closing: Prepare For Closing
IMPORTANT NOTE: If you are wiring money to the Title Insurance Company for Closing you should always get wiring instructions straight from them by calling them. Do NOT rely on emailed wiring instructions without verifying them by calling the Title Insurance Company or in person.
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Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12
Then, at Closing, you can quickly compare them to the ones you've read to make sure they're the same ones and sign them.
Only about 1 in 50 clients do this so it is relatively uncommon.
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Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12
Great Lenders will do this for their clients as well. Some don't.
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Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12
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Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12
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Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12
Your Real Estate Broker will not know the terms and agreed to expenses of your loan so you'll want to review those numbers with your Lender.
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Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12
This is usually done a few days prior to Closing in an ideal world with a great Lender. Often, it happens the day before or even the day of Closing. Some less-than-great Lenders never do it unless you insist they go over it with you.
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Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12
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Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12
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Closing: Prepare For ClosingContract Deadline: Closing DateUltimate Nomad ChecklistWeek 12
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Closing: Prepare For ClosingContract Deadline: Closing DateUltimate Nomad ChecklistWeek 12
We like to schedule this just prior to Closing so about 30 minutes or an hour before Closing depending on how far the property is from the location for Closing.
You'll usually meet your Real Estate Broker at the property for this final walkthrough prior to Closing then head directly over to Closing after.
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Closing: Prepare For ClosingContract Deadline: Closing DateUltimate Nomad ChecklistWeek 12
https://LearnToBeRich.com/prepare-for-closing/
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ClosingClosing: Prepare For ClosingUltimate Nomad ChecklistWeek 12
Closing: Closing “Real Estate”
- 2 forms of photo ID
- Your checkbook - sometimes there will be a last minute adjustment to the closing numbers resulting in a small shortage that the Title Insurance Company will accept a personal check for
- Your funds required for Closing (usually a certified check)
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Closing: Closing FinancingClosing: Closing Real EstateContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 13
Be sure to bring certified funds, two forms of ID and your checkbook.
Mark this task complete after Closing.
Closing: Closing FinancingClosing: Closing Real EstateContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 13
https://LearnToBeRich.com/closing-real-estate/
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ClosingClosing: Closing Real EstateUltimate Nomad ChecklistWeek 13
Closing: Closing “Financing”
- 2 forms of photo ID
- Your checkbook - sometimes there will be a last minute adjustment to the closing numbers resulting in a small shortage that the Title Insurance Company will accept a personal check for
- Your funds required for Closing (usually a certified check)
Mark this task complete when done.
Closing: Closing FinancingClosing: Closing Real EstateContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 13
Be sure to bring certified funds, two forms of ID and your checkbook.
Mark this task complete after Closing.
Closing: Closing FinancingClosing: Closing Real EstateContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 13
https://LearnToBeRich.com/closing-financing/
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ClosingClosing: Closing FinancingUltimate Nomad ChecklistWeek 13
Closing: Closing Immediately After
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
Then, have all your mail always go to that mailbox to avoid having to update them with each purchase/move.
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
You will usually need to bring down a copy of your deed (which you'll receive at closing) to do this.
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
You will usually need to bring down a copy of your deed (which you'll receive at closing) to do this.
There will probably be a small fee to do this. I've heard $1.
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
Update your address with all Utilities on the property you're buying and any rental properties you own as well.
Here is a list to help:
- Gas
- Water (including any water associations if applicable)
- Trash
- Electric
- Garbage
- Cable television
- Internet service provider
NOTE: If you have Tenants or Tenant-Buyers in the property ask to get a Landlord policy for utilities so that your utilities will automatic switch into your name when the Tenant or Tenant-Buyer stops paying or removes them from their name.
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
In many cases contacting Human Resources will update everything, but in some cases you may need to contact multiple departments. If you have to contact different departments, be sure to do that. Some examples of different departments might include:
- Your retirement accounts with your employer
- your health care account with your employer
- payroll with your employer
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
This allows them to send your auto registration to the correct address.
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
Some reminders of what you may have include:
- Cable television
- Internet Service Provider (ISP)
- Magazines, newsletters and newspapers
- Netflix
- Software subscriptions like Dropbox, Spotify, Apple Music, Evernote, Lastpass etc
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
Some clients may opt to use this opportunity to clean up their friends list.
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
https://LearnToBeRich.com/immediately-after/
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ClosingClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
Some landlords may want to put locks on that allow you to easily rekey the locks between future tenants.
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You'll want this for safety reasons yourself if you move in as a Nomad but also for tenants once you move out and convert it to rental.
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Buy at Home Improvement StoreClosing: Immediately AfterUltimate Nomad ChecklistWeek 13
You will use these when you market the property for rent and you'll be able to take photos without your personal stuff showing.
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Hire a professional to complete this work.
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Once you’ve completed the Closing stage in the Buying Process Overview you should move on to the Post Closing checklist.
IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.