Closing Day Prep Guide

The Final Walkthrough Checklist

The final walkthrough is your last opportunity to inspect the property before you take ownership. It typically happens 24 to 48 hours before closing, and its purpose is to confirm that the home is in the same condition as when you made your offer, that any agreed-upon repairs have been completed, and that the seller has vacated and removed all personal property.

Here is what to check during your final walkthrough:

• All agreed-upon repairs have been completed and done properly. Ask for receipts or invoices from the contractors who performed the work.
• All appliances that are included in the sale are present and functioning. Turn on the stove, run the dishwasher, check the refrigerator, and test the washer and dryer connections.
• All light fixtures, ceiling fans, and window treatments that were included in the contract are still in place.
• Run water in every sink, tub, and shower. Flush every toilet. Check for leaks under sinks.
• Turn on the heating and cooling system to verify it operates.
• Open and close all doors and windows to make sure they function properly.
• Check the garage door opener and any security system components.
• Look for any new damage to walls, floors, or fixtures that may have occurred during the seller's move-out.
• Verify that all trash and debris have been removed from the property, including the garage, attic, and yard.

If you discover issues during the walkthrough, do not panic. Most problems can be resolved before closing through a last-minute negotiation or a holdback of funds in escrow. I will be with you during the walkthrough and will handle any issues that arise.

Documents to Bring to Closing

Closing day involves signing a significant amount of paperwork. Being prepared with the right documents ensures the process goes smoothly. Here is what you need to bring:

• Government-issued photo ID: A valid driver's license or passport. The title company will verify your identity before allowing you to sign documents.
• Proof of homeowner's insurance: Your lender requires evidence that you have an active homeowner's insurance policy before they will fund the loan. Set this up at least a week before closing.
• Cashier's check or wire transfer confirmation: Your closing disclosure will specify the exact amount you owe at closing. This typically needs to be a cashier's check made out to the title company or confirmed wire transfer. Personal checks are usually not accepted for the closing amount.
• Any additional documents your lender or title company has requested: This might include updated pay stubs, bank statements, or signed addenda.

You will receive a closing disclosure from your lender at least three business days before closing. Review this document carefully and compare it to your original loan estimate. If you see any discrepancies or unexpected charges, contact your lender immediately. I review every closing disclosure for my clients to make sure the numbers are accurate.

Understanding Closing Costs

Closing costs are the fees and expenses you pay at closing beyond your down payment. In Tulsa, buyer closing costs typically range from 2 to 4 percent of the purchase price. On a $250,000 home, that is roughly $5,000 to $10,000.

Common closing costs for buyers include:

• Loan origination fee: The lender's fee for processing your mortgage, typically 0.5 to 1 percent of the loan amount.
• Appraisal fee: $400 to $600, paid to the independent appraiser.
• Title search and title insurance: The title company charges for the title search, and you will purchase a lender's title insurance policy. In Oklahoma, the seller traditionally pays for the owner's title insurance policy.
• Escrow deposits: Your lender will collect several months of property taxes and homeowner's insurance premiums upfront to establish your escrow account.
• Prepaid interest: Interest on your mortgage from the closing date through the end of the month.
• Recording fees: The county charges a fee to record the deed and mortgage documents.
• Home inspection fee: If not already paid, this is typically included in closing costs.

In some cases, you can negotiate for the seller to contribute toward your closing costs. This is called a seller concession. FHA loans allow sellers to contribute up to 6 percent of the purchase price toward the buyer's closing costs, while conventional loans typically cap it at 3 percent. Seller concessions are more common in a buyer's market or when a home has been on the market for an extended period.

What Happens at Closing

The closing itself takes place at the title company's office. In Tulsa, closings are typically handled by companies like Executives Title and Escrow, First American Title, or Chicago Title. The process usually takes 45 minutes to an hour.

Here is what happens during the closing appointment:

• The closing agent reviews all documents with you and explains each one before you sign.
• You sign the mortgage note (your promise to repay the loan), the deed of trust (which gives the lender a security interest in the property), and numerous disclosure documents.
• You provide your cashier's check or confirm your wire transfer for the closing amount.
• The seller signs the deed transferring ownership to you.
• The closing agent disburses funds to the seller, pays off any existing mortgage on the property, and distributes fees to the various parties.
• Once all documents are signed and funds are disbursed, you receive the keys to your new home.

In some cases, the buyer and seller close at different times or even on different days, which is perfectly normal. The important thing is that all documents are properly signed and recorded.

Common Closing Day Issues

While most closings go smoothly, issues can arise. Being aware of common problems helps you stay calm and respond effectively:

Wire transfer delays: If you are wiring your closing funds, initiate the transfer at least one business day before closing. Wire transfers can take several hours to process, and if the funds do not arrive by the time of your closing appointment, the closing may need to be postponed.

Last-minute lender conditions: Occasionally, the lender's underwriting team will request additional documentation at the last minute. This might be an updated bank statement, a letter of explanation for a deposit, or an employment verification. Respond to these requests immediately to avoid delays.

Title issues: Rarely, a title issue surfaces during the final title search that was not present earlier. This might be a recently filed lien or a recording error. The title company will work to resolve it, but it can cause a brief delay.

Walkthrough problems: If the final walkthrough reveals damage or missing items, the closing may be delayed while the parties negotiate a resolution. Having a responsive agent who can handle these situations quickly is invaluable.

After Closing: What to Do Next

Once you have the keys, there are several important tasks to handle in the first few days and weeks:

• Change the locks. You do not know how many copies of the existing keys are floating around.
• Set up utilities in your name (see our Moving & Utilities Guide for Tulsa-specific details).
• File a change of address with the USPS and update your address with banks, insurance companies, employers, and subscription services.
• Save all closing documents in a safe place. You will need them for tax purposes and future reference.
• Review your property tax assessment and homestead exemption eligibility. In Oklahoma, the homestead exemption can reduce your taxable property value by up to $1,000, which saves you money on property taxes annually.
• Get to know your neighbors and your neighborhood. Introduce yourself and start building community connections.