What to do Before the Big Real Estate Closing Day
Buying (or selling) a house in NC and getting ready to close? When it comes to making your buying or selling process official, knowing what to do the day before closing can make all the difference. This guide breaks it down into clear steps. If you’re in the homebuying process or preparing to close a real estate transaction, here’s everything you need to confidently prepare for your closing day.
What Should I Do Before My Real Estate Closing Day ?
Before we break down details, here’s a quick overview:
- If you’re the buyer, be sure to finish your final walk-through on your almost new home.
- Review all legal documents and disclosures with your realtor, if you have one.
- Be sure to avoid any major financial transactions or major purchases. Between contract & closing, you should refrain from purchases exceeding $3,000.
- Connect with the closing attorney, or your realtor, to confirm the closing appointment time and location.
- Prepare and pack your IDs, financial documents, keys and wire confirmation to bring with you to your closing.
1. What Is a Final Walk-Through?
When you’re the buyer, the final walk-through, or pre-closing inspection is not a step we recommend you skip. This is your chance to ensure your home is still in the agreed-upon physical condition as promised, and that all agreed upon appliances (etc.) still hang around.
What to Double Check:
Are all agreed upon repairs finished?
If appliances and/or fixtures are supposed to transfer to your ownership, do they all stick around? Additionally, are they in the agreed upon condition?
Is there any new damage?
Is the home is clean and vacant?
💡Pro Tip: When you do your final walkthrough, it can be easy to miss something that was agreed upon when you’re just relying on memory. We recommend that you bring your original contract, inspection reports, and a smartphone for pictures if needed.
2. What is a Closing Checklist?
A closing checklist keeps you organized and prepared for your closing day. When it comes to closing day, no surprises and being well prepared is what you want!
Before your closing, be sure to check these items off your list:
If You’re the Buyer:
Double check the wire transfer details and complete your payment. (Always be on the lookout for fraudulent inquiries). We recommend wiring your transfer the day before your closing. Once your wire transfer is submitted, it is normal for it to take up to four hours for it to go through. Wait until then and then call your attorney to double check that they received it. Likewise, if you’re using a realtor, they should double check the delivery for you.
Review your closing disclosure, loan estimate, and mortgage loan details. Bring any concerns or questions to your realtor.
Pack up your government-issued photo ID, proof of insurance, and bank statements and have them ready to bring to your closing.
Review your monthly mortgage payment and loan terms.
If You’re the Seller:
- Bring the house keys, any garage remotes, and government issued photo ID
- Confirm your financial documents for receiving payment are all in order
- Review all settlement statements, the sales contract, and any closing cost credit
- Make plans to finish your pack up, clean up and move-out process
3. What Are Closing Costs?
Closing costs are the fees charged to complete a real estate transaction. The fees will vary by property type, location, attorney, lender and buyer-seller negotiation.
Closing costs are due upon closing. Therefore, if you are the buyer, you’ll likely need to pay out of personal funds, as opposed to loan money. There can be variations to this, so be sure to talk to your agent about your requirements.
Conversely, if you’re the seller, closing costs are usually deducted from your house sale proceeds. Therefore, you probably won’t need to bring a separate payment like your buyer does.
Average Closing Cost Range
- Buyers: 2%–5% of purchase price
- Sellers: 1%–3%, which consists mostly of real estate agent commissions and transfer fees.
Buyer Fees May Include:
- Loan origination fees and appraisal fee
- Title insurance and title documents
- Flood insurance (if required)
- Prepaid property taxes and homeowners insurance policy
- Recording fee
Seller Fees May Include:
- Real estate contract obligations
- Real estate agent commission
- Title transfer. This will take place through the title company or closing agent
- Transfer taxes and any application review fees
Use tools like the Bank of America closing calculator to estimate your closing fees, or talk with your agent and lender.
4. What Should I Avoid Right Before Closing?
Be sure to avoid these common last-minute changes to your financials. They could cause unnecessary delays to your closing.
- Opening a credit card or personal loan
- Making large credit purchases. In general, any purchases of 3k or over should be avoided during the season between contract and closing.
- Changing jobs or employment history
- Moving money without notifying your mortgage lender first
Why is this stuff important? Because your loan approval can still be impacted before your official closing day. Lenders re-check your credit score and financial transactions, and verify your mortgage application.
5. What Documents Do I Need For My Closing?
If You’re the Buyer, Bring These Things:
- Government-issued photo ID
- Cashier’s check, bank draft, or wire transfer confirmation
- Proof of homeowners insurance and proof of coverage
- Loan documents and purchase agreement
- Tax returns, employment history, and additional documents (if requested)
If You’re the Seller, Bring These Things:
- Government Issued ID, the house keys, garage remotes (if applicable)
- Banking info for your wire transfer proceeds
- Any title issues, title insurance policy, or title company representative info
6. Who Will Attend the Closing?
Here’s who will likely be at your closing appointment:
- Buyer and their real estate agent
- Seller and their real estate agent
- Closing attorneys or settlement agent
- Title company or title insurance company representative
- Buyer’s loan officer or mortgage company rep
Your closing will take place at a title company, law firm, or real estate office.
7. How Can I Prepare Emotionally and Mentally?
Tips:
- Deep breaths may be basic, but we hear about it for a reason. During stressful times, taking some slow deep breaths can help bring back some calm to your mind and body.
- Walk through the home and/or contract again for peace of mind
- Confirm all your documents and funds are in order
- Talk to your real estate professional about potential issues or additional questions. They should treat you like a whole person, not a transaction.
Expect some stress—it’s normal. But clear communication helps avoid unexpected hurdles.
If you’re looking for a Real Estate Agent in the Mint Hill area, reach out to us at Stalwart & Wise Real Estate Group.
Feel free to take a look at what our clients have said about us before you do! Then schedule a time to chat. Let’s see how we can help you out during this momentous time.
8. What Should I Know About Closing Funds?
If You’re the Buyer:
- Know your loan terms, down payment, and application fee
- You’ll need to send your wire transfer securely and confirm that it was received. Give this a minimum of four hours to go through.
- You should have this proof of wire transfer packed and ready to the closing table
If You’re the Seller:
- Review the transfer of ownership process
- Confirm how you’ll receive funds: check or wire transfer
- Check with your real estate attorney for questions
Reminder: ALWAYS verify wire transfer instructions with your closing agent or legal representative—beware of fraud.
9. What Could Go Wrong at Closing?
Common Problems to Look Out For:
- Errors in legal documents or purchase contracts
- Missing documentation of homeowners insurance
- Low appraisal or title red flags
- Problems from the Review Board or Financial Review Board
Prevent Issues By:
- Reviewing all additional documentation early
- Communicating with your mortgage lender, insurance company, and title company
- Confirming legal ownership, public records, and property title are clear
You should expect your realtor to be diligent in their review of your documents, agreements and looking ahead for any potential hiccups.
10. Using Tools to Estimate Closing Costs
Tools like the Fannie May and Bank of America closing cost calculators can help you calculate:
- Closing cost credit
- Loan origination fees
- Prepaid insurance coverage and Medical payments
- Estimated Mortgage payments or biweekly mortgage payments
These free tools can help the average home buyer get a clear picture of what to expect in terms of closing costs. Be sure to double check with your real estate agent. This will help with what your specific closing agreement looks like so you don’t have any surprises.
11. Mint Hill, NC Local Insight: Real Life Example
In neighborhoods like Fairington Oaks, Versage, and Mint Hill Commons, homes are selling in the $350k–$600k range.
Here’s an example of what closing costs may look like for a $450,000 home:
- Buyer closing costs: $13,500–$22,500
- Seller costs: $4,500–$13,500
Cash buyers and all-cash buyer scenarios eliminate the mortgage closing steps but keep in mind that they still involve title transfer and closing fees.
FAQs
What should happen the day before closing?
Final inspection, verification of loan approval, sending of wire transfer, gathering of legal documents to prepare for closing day.
What is the closing process exactly?
In Charlotte and North Carolina, the closing includes a series of 3 tasks. This includes signing the documents (including the deed and/or the lender documents), the settlement or balancing of money, and the recording of the deed with the state or municipality.
How much are buyer closing costs?
These will typically fall between 2–5% of the home purchase price. This includes application fees, insurance, and appraisal.
What do sellers pay at closing?
Sellers pay excise tax calculated by dividing the purchase price by 500, attorney fees, and customarily agent fees. Sellers usually pay around 1–3% of the home sale price. Usually this is taken out of the proceeds of the home sale instead of paying out of pocket.
What documents are required at closing?
Government issued ID (make sure to bring your license) and it may be a good idea to bring a check either for wiring money for the seller or just in case the attorney needs to reconcile some fee they need to add. Most other financial documents, proof of insurance, purchase agreement, loan estimate, and closing disclosure will have been given to the lender or attorney before in preparation for your closing.
What if there are last-minute issues?
Contact your real estate attorney or closing agent immediately to prevent closing delays. Great communication, thorough agents, and avoidance of large purchases help decrease the chance of delays.
Final Summary: Close with Confidence
A smooth closing event starts with preparation. Your success depends on following a reliable closing checklist and utilizing open communication with your real estate professional.
Final Checklist:
Final walk-through complete
Documents for closing day are ready
IDs, contracts, and funds verified
No last-minute change in credit or job
All fees have been confirmed with your mortgage lender and title company
Now you’re ready to breathe a sigh of relief at the closing table. You did it!
Still looking for a real estate agent to walk you through it all?
You don’t have to navigate this alone.
This is a big move. Let’s make sure it’s a smart, smooth, and supported one.
Schedule a call with us at Stalwart & Wise today — we are just one click away.