This is the last part of what’s turned out to be a 7 part series. I didn’t set out to write 7, neither did I expect the posts to be so long. It’s easy to underestimate just how much preparation and work is involved in Buying a home in Iowa City. 
Even though I’ve covered a lot of ground with this series about the home buying process, I haven’t covered every nuance or every scenario that you may run into when you buy a home in Iowa City. The goal has been to cover aspects that are the same in every transaction and today I’m looking at the last 48 hours before closing.
A real estate transaction can be chopped up into segments and as real estate agents we wear many hats. For buyers it can be a bit of an emotional roller coaster with some pretty intense periods in there. This is especially true for buyers relocating to Iowa City who have a lot more than just the ins and outs of a real estate transaction to deal with. Fortunately, by the time you get to this point in the transaction and you’re Sale Pending, things are a lot quieter and a lot less intense.
Reviewing the HUD-1 Settlement Statement Prior to Closing
Typically, 48 hours before you close you will get a HUD-1 Settlement Statement from your lender showing exactly how the proceeds of the sale will be distributed. 
It will show the closing costs and they should be pretty much in line with the costs shown on the GFE, (Good Faith Estimate), you received when you first spoke to the lender. It will also show how much the check needs to be for that you bring to closing. (It may need to be in the form of a Cashier’s Check, the lender will let you know if that’s the case).
The Final Walk Through
The very last thing you do before closing is the final walk through of the home. Sometimes this happens directly before closing. More often, (at least with me), it happens the day before. That way if anything does come up the seller still has time to do something about it before closing the next day. The alternative scenario of addressing problems that come up on the day of closing is way more stressful for all parties and I really like to avoid that if possible. (Not that we’re expecting anything to come up, I was just a good Girl Guide and I like to be prepared!)
What Happens on the Day of Closing
The day of closing is huge for you as a buyer since it’s the day all the documents are signed and you get the keys to your new home. 
It’s a surprisingly simple occasion considering how big a deal it is. All you need to do is show up at the closing location, which may be the Attorney’s office or the Lenders office with check in hand. This is when you get to sign the HUD Statement, the Home Loan Documents and the Mortgage Agreement. Not to mention an array of disclosure statements and other papers required by the lender. You will need to limber up your writing hand that day as there are a lot of documents to sign!
That’s it. Once you’re done signing documents the seller will sign the warranty deed to transfer the property along with a few other documents. In a transient town like Iowa City it’s not unusual for sellers not to be at closing at all. Sometimes the listing agent will have those documents signed prior to closing and bring them to give to the lender at closing. (Remember, the deal is that you give the seller x amount for the home and they give you clean title in the form of a warranty deed. And all of this happens at closing).
The entire process takes about 45 minutes and when you’re done you get the keys and the garage door opener and you’re on your way!
7 posts later you can see that there’s a lot more to buying a home in Iowa City than picking out a house and writing an offer on it. I’m hoping the one big take away for you as a buyer from this series is to recognize the benefits of personal representation when you buy a home in Iowa City. This is true if you already live in Iowa City and know the area. It’s especially true if you’re relocating to Iowa City when a (good) buyer’s agent will be of enormous benefit to you as your “eyes on the ground.”
Questions? I have answers! Whether you’re relocating to Iowa City or you already live here and are thinking about buying a home in Iowa City, I’m all about sharing information and would love to hear from you. You can call me anytime at 319-400-0268 or of course email works too.
Buying a Home in Iowa City: Step by Step Guide to the Home Buying Process
Step One: Buying a Home in Iowa City – Getting Pre-approved by a Lender
Step 2: Buying a Home in Iowa City – Your Wants Needs & Wishes List
Step 3: Buying a Home in Iowa City – Finding the Right Home
Step 4: Buying a Home in Iowa City – Writing An Offer
Step 5: Buying a Home in Iowa City – Home Inspections and Repairs
Step 6: Buying a Home in Iowa City – Preparing to Close on Your New Home
Step 7: Buying a Home in Iowa City – Closing on Your New Home
Closing sure is different in Iowa for buyers compared to Illinois. Our closings are at best 90 minutes and often longer. That’s why out of state buyers need a great buyers agent in their new state, they may think they know the process based on where they live now, only to find out they know very little and need a professional to guide them.
You’re absolutely right Corinne, closings are very different from state to state. Last year I helped a client who had bought homes in too many states to count. She said it was different in every one of them. Fortunately with all that experience I didn’t have to convince her of the value of a buyer’s agent either!
Hello Ms. Hamlin,
I was wondering if you can please educate me in the process involved in purchasing a home in Iowa. I am a resident of California and used to having a realtor conduct the day to day operations of escrow, while I just supply the funding.
I am told there is no title company in Iowa and that each party, Buyer and Seller, will supply their own closing company or attorney for the transaction? The current realtor I am working with now,….seems like I am doing all the research on finding who I need to start and close a property, as well as process the paperwork, and unfortunately no recommendations or information is supplied to me,…until the right questions are asked? I guess each State operates differently, as so their Realtors??
Can you or any of your readers please give me some much needed advice or map to help steer me in the right direction? Thank you.
-Steve
Hello Steve,
Yes, I think closing varies quite a bit from state to state. You will need an attorney to prepare the title opinion / title commitment prior to closing. If you are a cash buyer the same attorney could take care of closing and accept the transfer of funds. This is something I would expect your Realtor to give you guidance on. I’m sorry that’s not the case, but since you do have an Agency relationship with another agent it’s not appropriate that I get involved at this point.
Good Luck,
Denise