There are a few things that can go wrong at closing time. This excellent guide from Zillow details a few common problems and what you can do to make sure your closing as expected.
When you buy a house or an apartment, there are several steps: You decide how much money you can spend; find a property you like; make an offer; negotiate an acceptance; sign a contract; line up your financing, and then close on the property.
So, in some sense closing is what you’re working towards. It’s the point where you sign the papers that make the home legally yours, and it’s usually when you get the keys. (Note that it’s often not when you move in; that usually comes hours, or even days, later.)
The exchange of “money for keys” is very similar to what happens when you rent. However, there are a couple of big differences when you’re buying instead of rent, and there’s more opportunity for things to go wrong.
Let’s take a look at some of them, so they don’t happen to you:
What’s Supposed to Happen: A representative from your lending bank shows up with the money for your mortgage loan.
Read the rest on Zillow