You have made it through the offer, the inspection, and the loan approval. Now you are in the final stretch of buying a home. Two things will happen right before you sit down to sign the paperwork and get the keys: you will receive a Closing Disclosure, and you will do a final walkthrough of the property. These are your last chances to catch problems and make sure everything is correct. Here is what you need to know about each one, and why you should take them seriously.
The Closing Disclosure is a five-page document that your lender must give you at least three business days before your closing date. This rule exists to give you time to read it carefully and ask questions. The form lists all the details of your mortgage loan, including the interest rate, monthly payment, closing costs, and the amount of money you need to bring to closing. It looks like a lot of numbers and fine print, but you do not need to be a finance expert to understand the most important parts. Focus on a few key things.
First, check your loan amount and interest rate. Make sure they match what you previously agreed to when you got your loan estimate. If the rate has gone up or the loan amount has changed without a good reason, you need to ask why. Second, look at the closing costs. These are fees for things like the appraisal, title insurance, and lender charges. Compare them to the earlier estimate you received. If any fee has gone up by more than a small amount, the lender should explain it. Third, check the cash to close line. This tells you exactly how much money you need to bring to the closing table, either as a check or a wire transfer. Make sure you have that amount ready. If you see a mistake, speak up before you sign.
After you review the Closing Disclosure and feel comfortable, the next step is the final walkthrough. This usually happens within 24 hours of closing, often on the same day or the day before. The seller should have moved out by then, or at least be close to moving out. The purpose of the walkthrough is to confirm that the property is in the same condition as when you made your offer, and that any repairs you asked for have been completed. Do not skip this step. Even if you trust the seller, things can go wrong.
When you do the walkthrough, bring your phone to take pictures and a copy of your inspection report and any repair agreements. Start by checking that all major systems are working. Turn on the lights, run the water in the kitchen and bathroom sinks, flush the toilets, and test the heating and air conditioning if possible. Open and close doors and windows to make sure they operate smoothly. Look for any new damage, like a hole in the wall or a broken window, that was not there before. If the seller agreed to make repairs, go to those spots and verify the work was done. For example, if the inspector said the roof had a leak and the seller promised to fix it, get up on a ladder or look from inside the attic to see if the repair actually happened. If a repair was not done, you have a problem.
Also check that the seller has left behind anything that was supposed to stay. Your contract should list items like appliances, window coverings, and light fixtures. Make sure the refrigerator, stove, and dishwasher are still there if they were included. Walk through every room and the garage. Look for signs that the seller took something that should remain, like a built-in shelf or a chandelier. If something is missing, note it and discuss with your real estate agent.
Sometimes the walkthrough reveals a major issue, like a broken furnace or a flooded basement. In that case, you have options. You can ask the seller to fix it before closing, you can negotiate a credit to cover the cost, or in extreme cases, you can delay the closing until the problem is resolved. Usually, small issues can be handled with a small credit or by the seller fixing it afterward. The key is to be calm and work with your agent to find a solution.
Do not feel pressured to sign the Closing Disclosure or accept the walkthrough results if something does not feel right. You have the right to ask questions and to delay if needed. The three-day rule for the Closing Disclosure is there for a reason. Use that time. And when you do the walkthrough, take your time. It is your last chance to see the house before you own it. Once you close, the house is yours, and any problems become your responsibility. So look carefully, ask questions, and make sure you are comfortable.
Going through the Closing Disclosure and the final walkthrough might feel like a hassle, but they are actually your safety nets. They protect you from surprises and mistakes. A little bit of effort now can save you thousands of dollars and a lot of stress later. When you finally sit down at the closing table and put your pen to the paper, you will have confidence that you know what you are signing and that the house is ready for you.
