Know Before You Buy: What to Expect During a Home Closing

What is a Home Closing?

Closing (sometimes called "settlement") is the official process where the ownership of your new home is legally transferred from Adams Homes to you. It typically involves signing important documents, finalizing your mortgage, and paying any remaining closing costs. Once the closing is complete, you will receive the keys and officially become a homeowner.

Estimated Timeline: From Contract to Keys

Here is an estimated timeline of what to expect:

Offer Accepted (Week 0)

• You have signed a purchase agreement with Adams Homes - Congrats! 
• Now begins the closing process, which usually takes 30 to 45 days for a Move-In Ready home.

Loan Processing & Appraisal (Week 1-3)

• Your lender will order an appraisal to ensure the home's value aligns with your loan.
• You will also submit required documents (like pay stubs, W-2's, and bank statements)
• Tip for first-time buyers: Respond to your lender's requests quickly to avoid delays. 

Orientation Walk (Week 2-3)

• A member of our team will walk you through your home, explaining how to use and maintain systems like the HVAC and appliances.
• You will also be shown the warranty program and how to submit claims. Be sure to take note of routine maintenance, such as changing air filters.
• This will also be your opportunity to inspect the home for any defects and cosmetic issues. A list of repairs will be created and completed by the builder before your final walkthrough.

Title Search & Insurance (Week 3-4)

• A title company ensures there are no legal claims on your new property
  
• You will also purchase title insurance to protect against potential title issues.
• Your lender may require homeowners' insurance at this stage, too.

Closing Disclosure (Week 4-5)

• At least 3 business days before closing, your lender will send a Closing Disclosure, outlining all final costs and loan details.
• Carefully review this document and ask questions if anything is unclear.

Final Walkthrough (1-2 Days Before Closing)

• You will do a final walkthrough of your new home to ensure everything is in order.
• First-time buyer tip: Bring a checklist and make sure all agreed-upon repairs or inclusions are complete.

Closing Day (Week 5-6)

• You will meet at the title company or a designated closing location.
• Expect to: 
  • Sign all loan and legal documents
  • Pay closing costs (usually certified funds or wire transfer)
  • Show photo ID
• Once everything is signed and recorded, you will receive your keys - Welcome Home!

Tips for First-Time Homebuyers

If this is your first time buying a home, the process might feel overwhelming, but it doesn't have to be. Here are a few quick tips to make closing easier:

• Stay Organized: Keep all documents in one place and track deadlines
• Ask Questions: Your lender, closing agent, and Adams Homes team are here to help. Come prepared with a list of topics to discuss, which will help keep meetings efficient.
• Don't Make Big Purchases: Avoid opening new credit or buying furniture until after closing - it could impact your loan approval.
• Double-Check Your Funds: Know exactly how much money you need to bring and how you will deliver it (usually a wire transfer or cashier's check).

At Adams Homes, we are proud to walk alongside you throughout your homebuying journey, from selecting your floorplan to receiving your keys. Whether you are buying your very first home or your forever home, our team is dedicated to making the closing process clear, easy, and exciting.

Ready to close on your dream home? Contact your local Adams Homes sales representative to get started.