Own Luxury Homes®
Step 7: Closing Day — What to Expect
Closing Disclosure: review 3 days before; Section A cannot increase >10% from Loan Estimate. Wire fraud: $275M stolen 2025 (FBI); 58% recovery if reported immediately. 3-step protocol: (1) save title company website number before instructions; (2) call to verify when instructions arrive; (3) compare all fields — discrepancy = stop. Final walk-through: 24–48hr before; confirm repairs, no new damage. Bring: government ID + certified funds. Own Luxury Homes® 12-Point Agent Integrity Audit™ — wire protocol at contract signing.
Step 7: Closing Day — What to Expect, What to Sign, and the Wire Fraud Warning No One Gives You Until It's Too Late
Closing day is the finish line. It is also the moment in the entire home buying process when buyers are most vulnerable to wire fraud, most likely to sign documents they don't understand, and most likely to discover closing cost surprises that were not on the Loan Estimate. This step covers what happens the week before closing, the day of closing, and the one protection — wire verification — that can mean the difference between owning your home and losing $40,000 to a fraudster with no recourse.
The Week Before Closing: Your Checklist
| Day | Action | Why |
|---|---|---|
| 7 days out | Confirm closing date, time, and location with title company and your agent | Last-minute changes create fraud opportunities; confirm directly with the title company using their verified website phone number |
| 7 days out | Contact your bank to arrange wire or cashier's check; ask about fraud protection options for large wires | Wire fraud spikes in the final 48 hours; many banks will add verification callbacks for large wires if you request it |
| 5 days out | Review the Closing Disclosure against your Loan Estimate line by line | Identify any unexplained increases in Section A (lender fees); these may be TILA-RESPA violations you can challenge |
| 3 days out | Complete final walk-through; document condition on video | Confirms negotiated repairs completed; documents any new damage for post-closing claims if needed |
| 1 day out | Call title company at their WEBSITE phone number to confirm wire instructions; do not use any number from any email | Wire fraud attacks peak the day before closing; this call is your primary protection |
Step 7A: The Closing Disclosure — How to Read It Before You Sign
What Changed From Your Loan Estimate
The Closing Disclosure (CD) is the final version of all your closing costs. You must receive it at least 3 business days before signing. Federal law (TILA-RESPA) sets tolerance limits: Section A (lender fees): cannot increase more than 10% from Loan Estimate to CD. Transfer taxes and recording fees: cannot increase AT ALL (zero tolerance). Third-party fees where you used lender-provided providers: 10% tolerance. Third-party fees where you shopped independently: can change. When reviewing the CD: compare every line in Sections A, B, C, E, F against your Loan Estimate. If Section A has increased by more than 10%: contact your lender and ask for a written explanation. A lender who cannot explain fee increases over tolerance may be in violation and may need to provide a revised CD.
Step 7B: Wire Fraud Protection — The Three Steps Before Any Transfer
The Three-Step Verification Protocol
Step 1: Before you receive ANY wire instructions, go to the title company's official website and save their phone number in your contacts. Do this at contract signing — not the day before closing. Step 2: When you receive wire instructions, call that independently-obtained number. Ask them to read you the wire instructions. Do not read yours to them first. Step 3: Compare every field: receiving bank name, ABA routing number, account number, exact dollar amount. Any discrepancy means stop the wire and call your agent immediately. The verification call takes three minutes. Wire fraud takes thirty seconds to initiate and is nearly impossible to reverse once funds leave the country.
Step 7C: What You Sign at Closing
The Documents
At the closing table, you sign approximately 30–40 documents. The critical ones: Closing Disclosure: the final accounting of all costs; confirm it matches the CD you reviewed. Promissory Note: your promise to repay the mortgage; confirms rate, term, payment amount, and whether the rate is fixed or adjustable. Deed of Trust (or Mortgage): grants the lender a security interest in the property; confirms what happens if you default. Right of Rescission notice (refinances only): 3-day right to cancel for owner-occupied refinances; not applicable to purchases. Take your time. Closing attorneys and title officers expect you to read. If you see anything that contradicts what you were told: stop and ask. Once you sign and the deed is recorded, the transaction is final.
Step 7D: After Closing — Your First-Week Checklist
What to Do With the Keys
Week 1 after closing: Change all exterior locks; you have no way to know how many keys exist. Document the property condition with photos and video — this establishes the baseline for any future insurance claims. Locate the main water shutoff valve; you need to know this before there is a leak emergency. Locate the electrical panel; confirm all breakers are labeled. Register your new homestead exemption if your state offers one (many require application within the first year). Confirm homeowners insurance is active and the declarations page is saved. Set up your mortgage autopay to avoid any missed payments during the transition. Store your closing documents — deed, title insurance policy, closing disclosure — in a secure location. You will need them when you sell.
“The closing day call I make to every buyer the morning of closing: "Two things before you go anywhere. First: have you confirmed the wire instructions by phone using the title company's website number? If not: do that right now before you log into your bank. Second: at the closing table, you are allowed to read every document before signing. You are allowed to ask what any line means. You are allowed to pause if you see something that doesn't match. The title officer and closing attorney have done this hundreds of times. You are doing it for the first time. Take the time you need. No one is going to rush you away from the biggest purchase of your life if you ask a question."”
— Ryan Brown, Principal Broker & CEO, Own Luxury Homes®
What happens on closing day when buying a house?
You sign approximately 30–40 documents including the Closing Disclosure, Promissory Note, and Deed of Trust. You bring your government-issued ID and certified funds (cashier's check or verified wire). The title company confirms receipt of all funds, disburses proceeds to the seller, and records the deed with the county. After recording: you receive the keys. Total time at the closing table: 60–90 minutes. Time to prepare: the entire week before.
How do I avoid wire fraud when buying a house?
Three steps: (1) Before receiving any wire instructions, save the title company's phone number from their OFFICIAL WEBSITE. (2) When instructions arrive (even from a familiar email address), call that number. Ask them to read you the instructions — do not read yours to them first. (3) Compare every field: bank name, ABA routing, account number, exact dollar amount. Any discrepancy = stop the wire and call your agent. $275 million stolen in real estate wire fraud in 2025. The verification call takes three minutes.
Own Luxury Homes® — wire verification protocol provided to every buyer at contract signing. 12-Point Agent Integrity Audit™. Find a verified buyer specialist ›
"The introduction Own Luxury Homes® makes is to a specialist with documented closing history in your specific market — not the county, not the metro, the submarket you're actually selling or buying in. That's the standard we verify before your name goes anywhere."
— Ryan Brown, Principal Broker & CEO, Own Luxury Homes® (FL License BK3626873)