The closing process finalizes your purchase of a condo.
It will culminate in a meeting in which you sign the official documents giving you ownership of the unit in exchange for your earnest money deposit, down payment and the amount you borrow for your mortgage.
Here’s a list to keep you on track.
What happens prior to closing
These steps should occur in the weeks before you meet and sign the documents. Completion of these steps will help you have a smoother closing:
- Ask your agent to set the closing date, time and location
- Keep in contact with your lender in case further financial documents are needed to complete your loan
- Review the closing disclosure form and compare it to the terms of the loan estimate
- Confirm the amount of money you are borrowing
- Prepare a cashier’s check or arrange a wire transfer for the down payment, earnest money deposit and closing costs
- Get an insurance policy for the condo
- Walk through the unit to double-check that the seller made all repairs
- Bring a government-issued photo ID
What happens at closing
Here's where you sign the legal documents, collect your keys and become the owner of the unit you have mortgaged.
- Sign the closing documents
- Present the estoppel certificate — which details whether the seller is current on HOA dues and what you will be charged — from the homeowners association of the condo community
- Give the seller’s agent the cashier’s check/wire transfer document
- Give the lender a copy of your insurance policy
What happens after closing
- Move into your new home
- Change the utilities and internet to your name and stop service at your former address
- Update your government IDs that list your address
- File a change of address form at the post office
- Update your new address on Amazon and other online purchase sites
- Update your new address with all other key organizations, such as your credit card company, your auto insurer, etc.