The last step before you finally own your home in Illinois is the closing, and as the day approaches, you may be looking forward to it with increasing anticipation. However, this meeting involves more than simply signing on the dotted line and walking away a homeowner.
According to Zillow, before you start signing the paperwork, you will first have to prove your identity with a driver’s license or other official photo ID. You will also need to pay your portion of the closing costs and/or the down payment, and this should be done with a cashier’s check or certified check.
Be ready to wade through the information on dozens of documents. The closing agent will be putting them in front of you and explaining the contents, but you should still look over each one before you sign it to ensure that all the details are as you expected.
The mortgage or deed of trust document is one of many that you will sign. This is a lien on your property, and when you sign it, your home becomes the security for the debt. There will also be paperwork that shows how much of each of your payments apply to the principal of the loan, the interest, the taxes, your insurance and any other costs that will be rolled into the payments.
Other closing documents include the following:
- Title or warranty deed
- Proration papers
- Statement of identity
- Declaration of report
- Abstract of the title
- Closing disclosure
This is a general overview of what you may encounter at the closing. The information is provided for educational purposes, but should not replace the advice of an attorney.
