Closing day on a house is a monumental event filled with excitement and a bit of nervousness. This event marks the beginning of a new chapter, but before getting your keys you will need to sign a lot of paperwork and have your checkbook ready. In this blog, we will discuss what to expect on closing day including associated costs, the process, and projected timeline.

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What is Closing?

Purchasing and closing on your home is a milestone and a time to celebrate. While the process may seem tedious and overwhelming, closing is the final step in the process before the home is finally yours. Closing day on a house is the day that you finally become the owner of the home.


Preparing for Closing Day on a House

Before closing day, it is important that you have taken care of all of the necessary steps before the home becomes yours. Working alongside your real estate agent, they will help you gather a team of experienced real estate professionals including escrow officers, mortgage professionals, home inspectors, attorneys, and a title insurance agent. At Metropolitan Title, we work closely with all of these individuals and can provide recommendations that best fit your desired home or property as well as your real estate market.

After meeting your new closing team, you should review your contract and make note of any contingencies. A contingency is a condition that must be met before closing and the transaction becomes legally binding. Some common contingencies are: 

  • Completing a Home Inspection 
  • Appraisal  
  • Purchasing homeowners insurance 
  • Completing a final walkthrough with your agent 


How Long Does it Take to Close?

The closing timeline can vary from home to home depending on when the paperwork was submitted. From the day that you submit your mortgage application, closing will occur 30-45 days later. This time frame is shortening year by year as technology advances, but lenders still need time to gather their necessary data.



Closing day itself consists of signing the final paperwork and only takes about an hour. The buyer should bring their personal identification, closing disclosure, and a cashier’s check or wire transfer receipt for the funds. In addition, the buyer will review and sign the following documents before the ownership is transferred:

  • The mortgage note
  • The mortgage or deed of trust
  • Escrow disclosure
  • While these are the common documents, there will also be disclosure agreements, disclaimers, government-mandated forms, and documents that will be notarized. 


How Much Does it Cost?

The closing costs are the fees you are expected to pay before legal ownership is transferred. Some of the fees you can expect to pay are origination fee, underwriting fee, appraisal fee, credit report fee, and the title search fee. Closing costs can vary from state to state but are typically in the thousands of dollars. According to financial journalist, Amy Fontinelle,  Indiana’s closing costs in 2020 were $1,909 whereas in Washington D.C. closing costs were well over $25,000. Your lender should provide an estimate of your closing costs throughout the process so that you are aware of how much to bring.


    In addition to saving for a down payment, saving for closing costs is essential to the home buying process

Time to Celebrate!

Closing day on a house is exciting and nothing should take away from this milestone. While the process may seem overwhelming – closing is the final step before moving into your new home. If you have any questions about closing day or any of steps – contact Metropolitan Title today!



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