Back to How to buy a home (which is still being written)

The final official step in buying a home, closing is the occasion on which you actually purchase the home. (My closing date is March 28, 2001; I'll tell you what it was like.)

Just before closing, you will probably have the opportunity to inspect your new home; this walkthrough should happen just before closing so that you know the exact condition of the place as it actually is.

Closing itself consists of lots of paperwork being signed by all present. The people involved may include:

and representatives from:

Signing all of the paperwork can take several hours; there's quite a lot of dead trees involved, and it would be an insult to the wood nymphs if they died in vain. Bring your favorite pen. You'll get to use it quite often.

After closing, you own your new home. The bank, however, owns a mortgage that lets them take your home if you don't keep paying them for up to 30 years. This thought often causes buyer's remorse -- it's perfectly normal to think "What have I done?".

My advice: Instead of worrying, go out and buy a new lock set for all your doors. God only knows who has a key to the existing lock. A locksmith can install Medeco locks, which (with a strikeplate) pretty much guarantee that burglars won't get in through those doors.

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