Closing day: what actually happens

The 10 days before closing

Closing day is the least dramatic day in a well-run transaction. Everything dramatic happens in the 10 days leading up to it:

• T-10 to T-7: Final underwriting review. Your lender may request one last document — a clarification letter, an updated bank statement, an explanation of a large deposit. Respond immediately. Underwriters do not wait.
• T-7 to T-5: Clear-to-close issued. The lender prepares the closing disclosure (CD).
• T-3: Closing Disclosure delivered. By federal law (TRID), you must receive the CD at least 3 business days before closing. Read it. Check the numbers against your Loan Estimate.
• T-2: Utility transfers scheduled for the day of (or day after) closing.
• T-1: Final walk-through at the property.
• T-0: Closing.

Any major credit change in this window — a new credit card, a financed car, a large cash deposit — can trigger a re-underwriting and delay closing. Stay quiet on credit until you close.

The final walk-through

Usually scheduled 24 hours before closing (or the morning of). You and your agent walk the property one last time to confirm:

• Agreed-upon repairs are complete
• The home is in substantially the same condition as at contract
• All negotiated items (appliances, fixtures, window treatments) are still present
• Major systems (HVAC, water heater, pool pump) turn on
• No new damage from the seller's move-out
• No new issues (leaks, water damage) since last visit

If something is wrong, you have leverage. Options:

1. Delay closing until resolved (rare — usually a credit is faster)
2. Request a credit at closing
3. Require an escrow holdback to complete the work post-closing

Never skip the walk-through. Sellers occasionally remove things that were contracted to stay, and the walk-through is your last leverage point.

Wire fraud: the threat nobody takes seriously until it happens

Real estate wire fraud is the single biggest threat at closing. The pattern:

1. A scammer compromises an email account in the transaction (often the title company or real estate agent).
2. Shortly before closing, the buyer receives an email that looks nearly identical to legitimate wire instructions — but with a different routing number and account.
3. The buyer wires their down payment to the scammer.
4. The funds are gone. Gone forever. FBI recovery rate is <15%.

This has happened to sophisticated buyers in Florida multiple times per month. Average loss: $150,000+.

The prevention protocol (follow this exactly):

1. Expect wire instructions from the title company only. Not the agent, not the lender.
2. When you receive wire instructions, call the title company at a number you independently verified (not a number in the email). Confirm every digit — routing, account, name — by voice.
3. Never trust email updates to wire instructions. If you get a "change to wire instructions" email, assume it's fraud. Call the title company to verify.
4. Wire at least 24 hours in advance of closing.
5. After sending, call the title company to confirm receipt. If funds are not confirmed within an hour, start panicking — you may still have time to recall the wire.

This is not paranoia. This is the single most important habit of modern home closings.

What actually happens at closing

In Florida, closings are typically conducted by a title company or an attorney. Both buyer and seller sign a stack of documents. The seller signs:

• The deed
• Bill of sale for personal property
• FIRPTA certificate (confirming seller is a U.S. person for tax withholding)
• Closing disclosure
• Compliance affidavit
• Various title company documents

You (the buyer) sign:

• Note — your promise to repay the loan
• Mortgage — the security instrument that lets the lender foreclose if you don't pay
• Closing Disclosure — confirming final numbers
• Truth in Lending disclosures
• Homeowner's insurance confirmation
• First-payment letter and a handful of lender-required forms
• Deed of Trust / Mortgage recording documents

Total signatures: 40-80, depending on loan complexity. Budget 60-90 minutes at the closing table.

Remote and mail-away closings are possible — increasingly common for out-of-state buyers. The title company will coordinate with a mobile notary at your location. Power of attorney closings (where someone signs on your behalf) require pre-approval by the lender and title company, usually 2-3 weeks out.

The Florida homestead exemption — the deadline you cannot miss

This is a massive financial benefit Florida grants to anyone who makes a home their primary residence. Two things it does:

1. Removes $50,000 from your property's taxable value (the first $25,000 applies to all taxes; the second $25,000 to non-school taxes).
2. Caps annual assessed-value increases at 3% under the Save Our Homes provision — even when market value rises 15% in a year.

Over 10 years, this can save $40,000-$200,000+ in property taxes depending on appreciation.

The deadline: you must apply by March 1 of the year following your closing. Miss it and you lose the entire year's benefit.

How to apply:

• Orange County: ocpafl.org — online application
• Seminole County: scpafl.org
• Osceola County: property-appraiser.org

Apply as soon as your deed records — no reason to wait. It takes 15 minutes online.

Portability: moving homestead savings

If you're already a Florida resident and you're selling your current home to buy another, you can port your accumulated Save Our Homes savings (up to $500,000) to the new home. This can save tens of thousands of dollars in year-one property taxes on the new home.

• File within 3 tax years of abandoning your previous homestead
• Apply as part of your new homestead application
• Only applies if both properties are in Florida

Ask your title company to include the portability form. Out-of-state buyers don't get this benefit; in-state moves do.

After closing: the first 30 days

A punch list of things to do once you have keys:

1. File homestead exemption (within 60 days, well before the March 1 deadline)
2. Change all locks (never trust who has a key)
3. Rekey or replace garage openers
4. Update your address (USPS, banks, employer, insurance, driver's license, voter registration)
5. Register your homeowner's policy and set up automatic payments
6. Confirm utilities transfer (OUC or Duke Energy, City of Orlando water, TECO, Spectrum/AT&T)
7. Locate the main water shutoff, gas shutoff, and electrical panel — you'll need these someday
8. Inspect the roof and attic after any major storm event in year one
9. Start the maintenance calendar — HVAC service 2x/year, pool service if applicable, pest prevention quarterly

The bottom line

A good closing is boring. The drama happened upstream — in inspection negotiations, in appraisal management, in underwriting. If your agent, lender, and title company have run the process correctly, closing day is a ceremonial signing.

You'll walk out with keys, a stack of documents, and an enormous amount of paperwork to file. That's as it should be.

Congratulations — you own a home.

Course complete. When you're ready to begin a real transaction, we're one call away: 321.373.3536.