Vintage American Realty
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Lesson 13: Closing Day - The Finish Line to Homeownership
Your complete guide to navigating the final step in your home buying journey - from document signing to getting the keys to your new Long Island home.
Welcome Back, Future Homeowners!
Welcome back to Home Buying 101! I'm Tom Brady, and we've finally reached the moment you've been working toward – closing day! This is it – the finish line to homeownership. After months of preparation, searching, negotiating, and waiting, today you'll sign the documents, get your keys, and officially become a Long Island homeowner.
But before we get to that magic moment of getting your keys, let's make sure you're fully prepared for what closing day actually looks like and how to handle everything smoothly.
The Big Picture: What Closing Day Accomplishes
Closing day is when several major things happen simultaneously:
Legal Transfer of Ownership:
  • The deed transfers ownership from seller to you
  • Title insurance protects your new ownership rights
  • All liens and mortgages are properly transferred or paid off
  • Legal possession of the property transfers to you
Financial Settlement:
  • Your mortgage funds are disbursed to pay the seller
  • All closing costs are collected and distributed
  • Prorations are calculated for taxes, utilities, etc.
  • Final accounting of all money in the transaction
Document Execution:
  • Mortgage documents are signed and recorded
  • Insurance policies take effect
  • Deed is prepared for recording
  • All required disclosures and certifications are completed
Who Will Be at Your Closing Table
Typically it's you, your attorney, the seller's attorney, the title closer, and the bank's attorney. Sometimes the sellers and agents attend, too.
The Key Players:
You (The Buyer):
Review and sign
all documents
Provide certified funds
for closing costs
Ask questions
about anything unclear
Receive keys
and possession of the property
Your Attorney:
Explains all documents
before you sign
Protects your interests
throughout the process
Reviews title
and ensures clear transfer
Handles any last-minute
issues or questions
Seller's Attorney:
Represents the seller's
interests
Prepares the deed
and transfer documents
Ensures seller receives
proper payment
Handles seller's
document requirements
Title Company Representative/Closer:
  • Coordinates the entire closing process
  • Handles all money collecting and distributing funds
  • Ensures all documents are properly executed
  • Records deed and mortgage after closing
Lender's Attorney (if applicable):
Represents your
mortgage company's interests
Ensures mortgage documents
are properly executed
Confirms loan funding
and disbursement
Handles lender's
closing requirements
Sometimes Also Present:
Real estate agents
(yours and the seller's)
The sellers themselves
(not always required)
Insurance representatives
(if needed for complex policies)
What to Bring to Closing
Your attorney will give you the exact amounts beforehand, but here's what you'll typically need:
Required Documentation:
Photo identification
(driver's license or passport)
Proof of homeowner's insurance
and paid premium
Any additional documents
your attorney has requested
Certified Funds: Bring a certified check for closing costs and down payment – personal checks typically aren't accepted for large amounts.
Breakdown of Funds Needed:
Down payment
(minus any earnest money already deposited)
Closing costs
(attorney fees, title insurance, recording fees, etc.)
Prepaid items
(property taxes, homeowner's insurance, prepaid interest)
Escrow deposits
(for future tax and insurance payments)
Forms of Acceptable Payment:
  • Certified bank checks made out to the title company
  • Wire transfers (arranged in advance)
  • Bank drafts or treasurer's checks
  • NOT personal checks for amounts over $1,000

Important: Get the exact amount and payee information from your attorney 24-48 hours before closing, as final numbers can change slightly.
The Closing Process: Step by Step
Arrival and Setup (15-30 minutes):
Everyone arrives
and takes their seats
Documents are organized
and distributed
Final numbers
are reviewed and confirmed
Any last-minute issues
are addressed
Document Review and Signing (1-2 hours): You'll be signing a large stack of documents. Your attorney will be there to explain everything.
Key Documents You'll Sign:
Mortgage Documents:
Promissory note
your promise to repay the loan
Mortgage or deed of trust
gives lender security interest in property
Truth in Lending disclosure
final loan terms and costs
Right of rescission
(if applicable) your right to cancel certain loans
Ownership Documents:
  • Deed transfers ownership from seller to you
  • Title insurance policy protects your ownership rights
  • Survey affidavit confirms property boundaries
  • Various affidavits swearing to different facts about the transaction
Financial Documents:
HUD-1 settlement statement
itemizes all costs and payments
Tax prorations
dividing property taxes between buyer and seller
Utility prorations
if applicable
Homeowner's association
documents (if applicable)
Final Walkthrough and Fund Transfer (30-60 minutes):
Final review
of all signed documents
Fund transfers
are initiated
Recording preparation
for deed and mortgage
Key transfer
and final possession
Review of Final Numbers and Signing Documents
Your attorney will review every document with you, but here's what to pay special attention to:
The HUD-1 Settlement Statement:
This document shows every penny in the transaction:
  • Your total payment (down payment plus closing costs)
  • Seller's net proceeds after paying off their mortgage and costs
  • All service provider fees (attorneys, title company, inspectors, agents, etc.)
  • Prorations for taxes, utilities, and other items
  • Final loan amount and terms
Mortgage Documents:
Interest rate
matches what you were promised
Monthly payment
amount is what you expected
Loan term
(15, 30 years, etc.) is correct
First payment date
and escrow requirements
Deed and Title Documents:
  • Your name is spelled correctly and complete
  • Property description is accurate
  • Any easements or restrictions are properly noted
  • Title insurance coverage amount and terms
Understanding Your Mortgage Payment
When your first mortgage payment is due:
Typically 30-45 days
after closing
Your lender will send
payment coupons or online access
Includes principal, interest,
taxes, and insurance (PITI) if escrowed
Set up automatic payments
to avoid late fees
Escrow Account Management:
  • Property taxes and insurance may be escrowed
  • Monthly deposits build up to pay annual bills
  • Annual escrow analysis adjusts payments as needed
  • Understand what's included and what you pay separately
That Magic Moment: Getting the Keys
Getting the Keys: That magic moment when the deal is done, the funds have been transferred, and you are officially a Long Island homeowner!
When You Get the Keys:
  • All documents have been signed by all parties
  • Funds have been transferred and confirmed
  • Deed recording has been initiated
  • Title company confirms the transaction is complete
What You Receive:
All house keys and copies
Garage door remotes and codes
Security system codes (if applicable)
Mailbox keys
Any other access items (pool, shed, etc.)
Immediate Possession:
Property is legally yours as of closing
You can take immediate possession unless otherwise agreed (there are post-possession closings in some cases)
Insurance coverage should already be in effect
You're responsible for the property from this moment forward
What Happens After Closing
Immediate Next Steps:
Document Recording:
Deed and mortgage are recorded at the county clerk's office
  • You'll receive recorded copies in 2-4 weeks
  • These become your permanent ownership records
Setting Up Your New Home:
  • Utilities transfer to your name (if not already done)
  • Address change notifications to relevant parties
  • Insurance company notification of occupancy
Financial Management:
Set up mortgage payments
online or by mail
Understand escrow
account management
Plan for first
property tax and insurance bills if not escrowed with mortgage payment
Budget for
immediate home needs and improvements
Handling Any Immediate Issues
Problems Discovered After Closing:
  • Document any issues immediately with photos and notes
  • Contact your attorney if problems seem related to closing documents
  • Review your title insurance for coverage of certain issues
  • Contact appropriate professionals for repairs or service issues
Common Post-Closing Tasks:
  • Change locks for security (strongly recommended)
  • Locate main shutoffs for water, gas, and electricity
  • Test all systems once more now that you own the home
  • Set up accounts with local service providers
  • Register with town for services and voting
Potential Closing Day Challenges
Common Issues That Can Arise:
1
Last-Minute Financing Problems:
  • Employment verification issues
  • Credit changes discovered at last minute
  • Appraisal problems not resolved earlier
  • Documentation requirements not met
2
Title Issues:
  • Survey problems discovered during final title review
  • Liens or judgments not properly cleared
  • Deed preparation errors needing correction
  • Previous transaction issues affecting current sale
3
Property Issues:
  • Final walkthrough problems not resolved
  • Utilities not transferred or not functioning
  • Missing keys or access items
  • Condition changes since walkthrough
How to Handle Closing Day Problems:
  • Stay calm and let your attorney handle negotiations
  • Understand your options delay, adjustment, or cancellation
  • Don't sign documents if major issues aren't resolved
  • Trust your team to protect your interests
Tips for a Smooth Closing
Preparation is Key:
Confirm all details with your attorney 24-48 hours before
Arrange time off work closings can take 2-3 hours
Plan for delays sometimes issues arise that take time
Bring snacks and water it can be a long process
Stay calm and patient you're almost done!
During the Closing:
Ask questions
about anything you don't understand
Read documents carefully
before signing
Trust your attorney's guidance
and expertise
Stay focused
on the goal you're becoming a homeowner!
Take a moment to appreciate
what you've accomplished
Your Rights at Closing
You Have the Right to:
  • Understand every document before signing
  • Have your attorney explain anything unclear
  • Review all numbers and calculations
  • Refuse to sign if something isn't right
  • Take reasonable time to review documents
Don't Feel Pressured to:
  • Rush through document review
  • Sign anything you don't understand
  • Accept errors in documents or numbers
  • Proceed if major issues haven't been resolved
Celebrating Your Achievement
Take a Moment to Appreciate:
You've accomplished something significant
Months of hard work have paid off
You're now a Long Island homeowner
You have a place to call your own
This is the beginning of a new chapter
But Also Remember:
Homeownership responsibilities begin immediately
  • Regular maintenance will protect your investment
  • Build relationships with good local contractors
  • Enjoy your new home but budget for ongoing costs
Your Closing Day Action Plan
1
The Day Before Closing:
  1. Confirm final numbers and certified check amounts with your attorney
  1. Get certified checks from your bank with correct payee information
  1. Gather all required documents and identification
  1. Confirm closing time and location with all parties
  1. Get a good night's sleep tomorrow's the big day!
2
Closing Day Morning:
  1. Arrive early or on time don't keep people waiting
  1. Bring everything on your attorney's list
  1. Stay calm and positive you've made it this far
  1. Trust your team to handle any issues that arise
  1. Be ready to celebrate when it's all done!
3
After Closing:
  1. Take photos with your new keys!
  1. Change locks for security
  1. Set up utilities and services in your name
  1. Plan your move-in timeline
  1. Enjoy your new home you've earned it!
Common Closing Day Myths
Myth: "Closings always take all day"
Reality: Most closings take 1-3 hours if everything goes smoothly.
Myth: "You can't ask questions about documents"
Reality: You should ask questions about anything you don't understand.
Myth: "All the numbers are set in stone"
Reality: Errors can be corrected, and some items may need last-minute adjustment.
Myth: "You can't delay closing for problems"
Reality: Serious problems may require delay to protect your interests.
Wrapping Up: Welcome Home!
Closing day represents the culmination of your entire home buying journey. From getting preapproved to researching neighborhoods, from making offers to surviving inspections, from signing contracts to final walkthroughs – you've done it all.
Review all closing documents carefully with your attorney before signing anything. Don't let excitement or fatigue cause you to rush through this final step. Your attorney is there to protect you, so use their expertise.
Bring a certified check for closing costs and down payment and understand that personal checks typically aren't accepted for large amounts. Being prepared with the right documentation and funds will make everything go smoothly.
Understand what happens after closing – you're not done when you sign the last document. There are still steps to take to fully settle into homeownership.
But most importantly, when that moment comes and you're handed those keys, take a second to appreciate what you've accomplished. You're now a Long Island homeowner, and that's something to be proud of!
Congratulations!
This concludes your Home Buying 101 course. You now have the knowledge and tools you need to successfully navigate the Long Island real estate market. From understanding the importance of pre-approval to handling closing day like a pro, you're prepared for every step of the journey.
Remember, buying a home is one of life's biggest milestones, and you should be proud of the work you've put in to get here. Welcome to homeownership, and welcome home to Long Island!
Thanks for watching/ reading, and remember – the keys in your hand represent not just a house, but a home and a future. Enjoy every moment of it!
Congratulations on completing Home Buying 101! You're ready to become a successful Long Island homeowner. The last section is Q&A, feel free to send us your questions and comments on this course.
Thomas Brady SFR, e-PRO, SRES, BPOR,C_REPS
Licensed Associate Real Estate Broker/ Director of Operations
Notary Public, Retired N.Y.P.D. Lt., U.S. Air Force Veteran
Vintage American Realty LLC.
1551 Montauk Hwy. Suite E
Oakdale, NY 11769
631-682-8660