Closing a real estate deal can be stressful, but understanding these steps will help you prepare for the day you get the keys to your new home.
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We’ve talked to an experienced real estate agent who’s been through hundreds of closings, reviewed closing documents, and broken the house closing process into 17 steps. Keep this list handy as you move through the steps toward closing day when you’ll finally get the keys to your new home.
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How long is the closing process? The average time to close on a mortgaged home is between 30 and 45 days, depending on the type of loan and the housing market in the area. In addition, the loan process can be overwhelming. An all-cash buyer can close in four to ten business days.
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By law, home buyers must receive a copy of the Closing Disclosure at least 3 business days before closing. Buyers should take the time to thoroughly review these documents to understand the details of the loan terms, conditions, payments and funds required to close.
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On average, it takes about 30 – 45 days to close on a home, from filling out your mortgage loan application to showing up at the closing table. Closing day, the day you sign your final paperwork, lasts about 1 – 2 hours as long as everything goes as planned.
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Everything you need to know about the real estate closing process. This guide will take you through the steps of the real estate closing process, from setting the date to understanding the closing disclosure and everything in between.
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Closing is the final phase of a transaction, typically involving real estate. Understanding what occurs during the typical closing process will help the process go smoother.
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What is the house closing process? The closing process is a series of steps you take to officially own your home, and in the next section, we’ll explain the ones that you and your homebuying teammates need to take leading up to your closing day.
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