Chapter 17 of 20
Closing
What actually happens at closing, and what to verify before you sign.
1 min read
Closing looks different depending on classification. A home held as personal property may transfer through a title assignment at a lending office, a dealer, or a state agency, and can be relatively quick. A home converted to real property closes more like a house, with a settlement agent, title work, and recording.
Before signing, verify a short list: that the title or deed is clear and names the seller exactly; that every lien has been discharged in writing; that the serial number on the paperwork matches the number on the home itself; that the agreed repairs were actually completed; and that the closing figures match what you were quoted.
On a community sale there is an additional step, the community must have approved you, and your lease should be signed and in hand. Do not close on a home in a community without having your own executed lease. Closing first and sorting the lease out afterwards removes all of your leverage at exactly the wrong moment.
Do a final walkthrough shortly before closing. Confirm the included appliances are present and working, the agreed repairs were done to a reasonable standard, and nothing has been removed or damaged since you last saw the home.
Key points
- Personal-property closings are quicker; real-property closings resemble a house sale.
- Verify the serial number on the paperwork against the number on the home.
- Get every lien discharge in writing.
- In a community, have your executed lease in hand before closing.
Watch out
A serial-number mismatch between the title and the home is a genuine obstacle, not a clerical detail. Check it yourself rather than assuming someone else has.