A First-Time Homebuyer's Guide to Closing

Once the offer is accepted, the file opens with the title company, earnest money goes into escrow, and a title search begins.

From contract to closing typically runs 30 to 45 days on a financed purchase.

A title search reviews public records for ownership history and anything recorded against the property: mortgages, liens, judgments, easements, and unpaid taxes.

Most files turn up something minor that gets cleared before closing. That clearing work is called curative.

The title commitment is the document showing what the insurer will cover. Schedule A describes the transaction, Schedule B-I lists what must be done first, and Schedule B-II lists what the policy will not cover.

Read Schedule B-II and ask about anything unfamiliar.

Earnest money is a good-faith deposit held in escrow and credited to you at closing, not an extra fee.

Cash to close is the final number after the loan, credits, and deposits. It is not the same as your down payment.

Federal rules require the lender to deliver the Closing Disclosure at least three business days before closing so you can compare it to your Loan Estimate.

Never accept wiring instructions by email. Always verify by phone using a number you already had.

Bring government photo ID, the cash to close by wire or cashier's check per your closer's instructions, and proof of homeowners insurance.

Expect to sign the deed-related documents, the note and mortgage, and the settlement statement.

The lender funds, the file disburses, the deed and mortgage are recorded with the county, and the keys change hands.

Your owner's policy arrives after recording.