Your New Home Closing Process Questions Answered (2023)

Buying a new home is quite exciting, and while you may already be familiar with the benefits of new construction, including the chance to choose your layout, floorplan, design touches, and the eco-friendly components that comes with new construction, you may be wondering what the closing process looks like on a new home.

Closing on a MasterCraft home means that your experience of buying a new construction home will be smoother, faster, and easier. After all, Customer Service is part of our Higher Standards 2.0, which means that you will enjoy concierge-quality service as we guide you through the entire process from contract to closing – and beyond.

When you choose a MasterCraft home, we strive to make the closing process as seamless as possible. While there are many parties that play a role in your closing process, we will be with you every step of the way, answering any questions you may have, and ready to walk through your new home alongside you, ensuring quality with every step.


Closing on your new home is less stressful when you know what to expect. Here’s a general timeline to help you understand how the closing process works.

30 – 60 Days Prior to Close:

This is when you can expect to receive a closing schedule from your New Home Consultant and is the time for you to begin gathering everything you’ll need for the big day. If you’re financing your home, this would be the time to ensure your bank has everything they need to process your loan. This is also a great time to secure Homeowner’s Insurance if you haven’t done so already.

30 Days Prior to Close:

Closings are typically scheduled 30 days out from the home’s completion. You should receive a confirmation letter about 30 days before you close with your closing date, time and location.MasterCraft offers two closing locations, though a majority of buyers close at the MasterCraft Headquarters, so be sure to double-check the location of your closing beforehand.

(Video) What to Know About The Closing Process for New Construction Homes | Closing Process w/ Home Builders

Your confirmation letter will also include details regarding the title company who will perform your closing. Because most title companies require funds to be wired 24 hours prior to closing, this letter will include wiring instructions so there are no hold-ups on the day of closing. We will also include a list of utilities offered in your community, so you can set-up or transfer service to your new home.

Two Weeks Prior to Close

According to MasterCraft President, Brad Shee, “The last two weeks prior to closing is where the home comes together. After going through a rigorous quality assurance walk-thru, we strive for the house to be 100% complete at the time of homeowner orientation. This is typically scheduled 7-9 days prior to closing. At the orientation, the Builder will show the buyer important features of the home and how to maintain the home post-closing.” This is where the homeowner will learn everything there is to know regarding their new home, ask questions, address concerns, and more. The week of closing You can expect the title company to provide you with a closing disclosure including the final details of your sale. This disclosure will include all of your information such as loan terms, monthly mortgage payments, and any additional fees. Be sure to review this disclosure carefully and take care of any loose ends before closing day.

The Big Day – Closing Day

Closing day is a big day for everyone involved. As homeowners, you’re about to walk away with the keys to your new home! For those of us at MasterCraft, we like to be involved in closing day to ensure the homeowner is happy with their new home. Before the closing appointment, homeowners will do a final walk-thru to ensure everything is completed, this usually takes about 30 to 45 minutes.

After the final walk-through, it’s time to close! You’ll head over to your closing location, and you can expect one of MasterCraft Owners, Brad or Chris Shee, to be there ready to greet you. “This is where it really comes home for us. At MasterCraft, we like to communicate with our buyers and hear how their total experience has been,” Brad explains. “At closing, Chris or myself will be there to meetwith thehomeowner and discuss warranty and get an overall feel for how we did. Instead of handing the buyer a paperquestionnaire or survey, we would prefer to talk to them face-to-face and makesure we either met or exceeded expectations for their new home. It is very, very rare for an Owner or President of a home building company toshow up for a closing and it’s something we are very proud of. In fact, even during a pandemic we have only missed two closings within the past two years.”

At closing, you will receive all the documents regarding community-related information as well as warranty documents. Once everything is in order, and all necessary documents have been submitted, the final step is simply, to sign. Dot your i’s cross your t’s, and you’re set! You’ll get to walk away with the keys to your new home.


Will there be someone assisting me throughout the process of new construction?

(Video) Closing on a House! | What to Expect on Closing Day as a Buyer!

Starting from the beginning, your MasterCraft Home Consultant will be your main point of contact. All information and questions are funneled directly through tothe proper channel, so you’ll have someone guiding you along every step of the way.

What is needed when meeting with a mortgage broker?

When meeting with a mortgage broker, be sure to have the following with you:

  • Valid I.D.
  • Proof of income: If you are an employee, bring your two most recent paystubs or proof-of-employment letter. If you work for yourself, bring a copy of your accounts for the past two years.
  • Proof of checking and savings accounts
  • Details of financial commitments: bring credit card, car loan, or any other details of current debt you have.
  • Proof of assets

What is the loan process for new construction?

The loan process is different for new construction homes, but like anything, preparation is key. Ed St. John, Senior Loan Officer at U.S. Bank, outlines the process for homeowners: “Start early, keep all of your financial records organized, and keep records of any non-payroll deposits and if you’ve given any additional payments to the builder during the interim, keep track of those records. Remember that original pre-approval and assets must be updated again at closing, so have your paystubs and bank statements readily available.” Additional payments made to the builder to keep track of may include any change orders placed during construction or updates made.

What can I expect from the closing process?

(Video) What Should I Know Before I Close on My New Construction Home - Closing Process with Home Builders

Allclosings are scheduled a minimum of 30 days out in order to give buyers enough time to arrange movers and other logistics. Toward the end of construction, there are a lot of moving parts and we really strive to deliver the home on the date that we provide.

What is the closing timeline for new construction, and can you close on a new house before it’s been built?

When it comes to the closing process, it’s important to note that new homes do tend to take longer to close on. According to Dawn Janson, Owner of SeaGlass Title, “New construction is a longer process than existing residential, you can’t close on new construction until you have a Certificate of Occupancy (CO).” Continuing, homeowners can typically expect the closing process to begin roughly 45-60 days after the countertops have been installed. It takes time to build a masterpiece! After your home’s countertops are put in place, you should receive a tentative closing schedule and walk-through details from your MasterCraft New Home Consultant.

Is there any way to expedite the closing process?

Due to the fact that you cannot close on a new home before it is built, one way to expedite the closing process is to consider a move-in ready home. MasterCraft offers move-in ready homes for those looking to reap the benefits of new construction without any of the scheduling that typically comes with new-home building. By choosing a MasterCraft move-in ready home, there is no waiting. Move-in ready homes make excellent second home options and are particularly great for those who prefer new-construction but don’t want to or cannot wait to move. To learn more about our move-in ready homes, visit here. In addition, MasterCraft has recently rolled out a new “Quick-Start” program that can shorten the time from contract to close. With a Quick-Start home, MasterCraft has selected the structural, electrical, and plumbing options for the home, but leaves the design and color selections for you to personalize. The home is ready to file for permit ahead of time, so you can easily trim 3 months off of the total time that you would normally experience when starting from scratch.

How do I prepare for closing?

(Video) Final Walk Through Tips Before Closing on a House!

Buyers can prepare for a closing by showing up to their new home about 60 to 90 minutes beforehand to do a final walk-thru and makesure the home is to their standards.In the event there are any items that were not able to be fixed before closing or pieces on backorder, they will be added to a“post-close item list,” which is essentially an IOU. Afterthe finalwalk-thru is complete, the buyer can head straight to closing, sign all required documents,and receive the keys to their new home.

What warranty and post-closing support does MasterCraft provide?

In the event a warranty item comes up months or years down the road, MasterCraft will look at the issue objectively and if we feel that it was installed wrong or should have had a longer lifespan, then we will fix/replace the itemsno questions asked. MasterCraft strives to deliver buyers with a quality product and we expect our homes to be betterthan our competition. This warranty standard goes beyond closing and beyond the buyer’s one-yearcraftsmanship and materials warranty that we offer.


If any issues arise, even after move-in, MasterCraft is here for you. All warranty-related items go through MasterCraft and buyers are connected with our Warranty Managers, so that if any issues arise, we can streamline a speedy solution. Our buyers’ satisfaction is our top priority here at MasterCraft. We want to make sure you walk away with the best experience, so if you’re unhappy in anyway, don’t hesitate to reach out. Our dedicated warranty team works tirelessly, ready to complete any necessary work or repairs to your home in a timely manner, while ensuring quality.

As Northeast Florida’s premier semi-custom homebuilder with over 40 years of experience, MasterCraft Builder Group is committed to educating the community and providing the best homebuilding practices.If you have any questions about the MasterCraft new construction closing process, please contact us or give us a call at 904-293-2389.


What are the 4 steps of a closing process for a home? ›

The steps leading up to the closing date include: Purchase agreement acceptance. Optional buyer home inspection. Loan origination.

What happens after the closing process is complete? ›

Once all the papers are signed, you've secured your mortgage and the closing is officially complete, you'll receive the keys to the property. Be sure to store all of the documents you received during the closing in a safe place. You can also now change your address, meet your new neighbors and move in.

What questions to ask when closing on a house? ›

Questions to ask during the home closing process
  • What is Title Search and what does it provide? ...
  • Who selects the title insurance company?
  • What should I bring to my closing?
  • What will be my closings costs and what do they cover? ...
  • When do I receive the deed to the property?
Mar 31, 2022

What not to do when closing on a house? ›

5 Things NOT to Do During the Closing Process

What are the main five actions you need to do during closing process? ›

Whether your closing is handled by an attorney, escrow or title company, there are five steps to every real estate transaction:
  • Starting the Process. ...
  • Title Search and Examination. ...
  • Document Preparation/Request to Produce. ...
  • Settlement/Closing the Transaction. ...
  • Post-Closing.

What is a closing checklist? ›

A list of things to be done and items to be delivered before a transaction can be closed. Responsibility for each item is typically allocated among the parties on the checklist. The status of each item is updated periodically and circulated to the parties in preparation for closing.

How many days before closing is the final walk through? ›

In most cases, the final walk-through is scheduled within 24 hours prior to the closing date. Your real estate agent can help you set a time with the seller's agent when you can be sure the property will be accessible and (hopefully) vacant.

How soon can I use my credit card after closing on a house? ›

How soon after closing can I use my credit card? If you already have a credit card (or opened a new card shortly after closing on a home mortgage loan) there's no need to wait before using the account.

How soon after closing do I get the keys? ›

“Key” Takeaways

So, before you line up that moving truck, talk to your real estate agent and closing attorney about when you will be receiving the keys. Granted, unless you are closing after the Register of Deeds has closed for the day, you should realistically get your keys the same day as closing day.

What should I check on my final walk through before closing? ›

What To Check During a Final Walkthrough
  1. Turn on and off every light fixture.
  2. Run water and check for leaks under sinks.
  3. Test all appliances.
  4. Check garage door openers.
  5. Open and close all doors.
  6. Flush toilets.
  7. Inspect ceilings, walls, and floors.
  8. Run the garbage disposal and exhaust fans.
Jun 15, 2022

What do they check right before closing? ›

Lenders typically do last-minute checks of their borrowers' financial information in the week before the loan closing date, including pulling a credit report and reverifying employment. You don't want to encounter any hiccups before you get that set of shiny new keys.

What to do on the final walk through on a new house? ›

The final walkthrough is your chance to make sure everything is in order and that your new home is ready for you.
Final Walkthrough Checklist
  • Inspection Repairs. ...
  • Belongings Moved In Or Out. ...
  • Locks And Windows. ...
  • Appliances. ...
  • Mold. ...
  • Electricity And Outlets. ...
  • Backyard And Outdoors. ...
  • Pests.
Sep 23, 2022

What can affect your closing on a house? ›

Pest damage, low appraisals, claims to title, and defects found during the home inspection may slow down closing. There may be cases where the buyer or seller gets cold feet or financing may fall through. Other issues that can delay closing include homes in high-risk areas or uninsurability.

Can I spend money after closing on a house? ›

All advice aside, remember that once you've closed on a house, it's yours! And you're free to spend money on it however you wish. As long as you've ticked off the legal and administrative duties, don't hesitate to move forward as you see fit.

What to avoid before closing? ›

5 Things To Avoid Before Closing
  • Don't Change Your Credit.
  • Don't Make Big Purchases.
  • Don't Switch Banks & Move Money Around.
  • Don't Change Jobs.
  • Don't Change Marital Status.
Oct 11, 2022

What are the three points at closing? ›

Discount points are a type of pre-paid interest, and is given directly to the lender at closing for the reduction of the interest rate on your mortgage loan. So, the more points you pay, the lower the interest rate goes on the loan. You can pay up to 3 or 4 points, depending on how much you want to lower the rate.

What are the 3 most important things that are required to close a sale? ›

3 Essential Tips to Closing a Sale
  • Identify and Solve a Real Problem. The first thing to remember is you are trying to identify and solve a real problem. ...
  • Work with the Right People. ...
  • Communicate Appropriately. ...
  • Closing Techniques. ...
  • Bonus Tip: Salesvue.
Mar 30, 2022

What is the most important document at closing? ›

The Deed: public record of the ownership of the property

It often includes a description of the property and signed by both parties. Deeds are the most important documents in your closing package because they contain the statement that the seller transfers all rights and stakes in the property to the buyer.

What to do 2 weeks before closing? ›

Two Weeks Before Closing:

Contact your insurance company to purchase a homeowner's insurance policy for your new home. Your lender will need an insurance binder from your insurance company 10 days before closing. Check in with your lender to determine if they need any additional information from you.

What are the three major steps in the closing process? ›

The closing process consists of three main steps:
  1. Identify temporary accounts that need to be closed.
  2. Record closing entries.
  3. Prepare the post closing trial balance.

What to prepare before closing? ›

To make the process easier to understand, here is a list of nine things you'll need to do before closing on your new home.
  1. Apply for a Loan. ...
  2. Prepare to Pay Closing Fees. ...
  3. Examine the Title. ...
  4. Get a Home Appraisal. ...
  5. Schedule a Home Inspection. ...
  6. Get Homeowner's Insurance. ...
  7. Transfer Utilities. ...
  8. Take a Final Walk-Through.
Sep 9, 2019

What to ask during a final walk through? ›

8 Questions to Ask During a New Home Walk Through
  • Have all requested repairs been made? ...
  • Did the seller leave behind all warranties and maintenance guides? ...
  • Is everything included in the sale present in the home? ...
  • Does everything work? ...
  • Is the home clean? ...
  • Do all of the windows and doors work? ...
  • Is the lawn in good condition?
Jun 17, 2019

Do you get the keys after the final walk through? ›

The final walk-through is one of the most important steps of buying a home. You're in the home stretch, and you finally get the chance to see your home as it will be when you get the keys. However, it's important to be prepared before the walk-through and be critical to ensure everything in the home is as it should be.

Do buyers always do a final walk through? ›

The final walk through is not required by law - however, as a buyer, you should be highly motivated to complete this. You want to make sure everything is in working order as expected, and that nothing has gone wrong as a result of the former owner vacating the property (if indeed they are no longer there).

Do they always pull your credit again at closing? ›

The answer is yes. Lenders pull borrowers' credit at the beginning of the approval process, and then again just prior to closing.

Do lenders check your credit the day of closing? ›

Credit is pulled at least once at the beginning of the approval process, and then again just prior to closing. Sometimes it's pulled in the middle if necessary, so it's important that you be conscious of your credit and the things that may impact your scores and approvability throughout the entire process.

Can a mortgage be denied after closing? ›

Can A Loan Be Denied After Final Approval? Although rarely, a mortgage loan can be denied after the borrower has signed the closing documents. In addition, borrowers have a 3-day right of rescission, during this period of time, they can withdraw from the loan.

How long after closing do you pay mortgage? ›

Since mortgages are paid in arrears and on the first of the month, your first mortgage payment typically comes at the start of the new month after you've lived in your new home for 30 days. This means that if you close on your house on May 25, your first payment is due July 1.

Who signs first at closing buyer or seller? ›

Who Signs Closing Documents First, Buyer or Seller? Typically, the seller signs the closing documents first, before the buyer even arrives at the office where the closing is taking place.

Who gives me the keys to my new house? ›

The listing agent (the seller's agent) will have possession of the keys to your new home. He or she can do the hand-off in a number of places: at the property, at his or her office, at a Starbucks — whatever. If you have a hard time getting a hold of the agent, get your agent involved.

How many walk throughs before closing on new construction? ›

Many builders schedule two visits during the first year — one near the beginning and the other near the end — to make necessary adjustments and to perform work of a non-emergency nature.

What should a seller do for final walk through? ›

You're obligated as a seller to leave the house in “broom clean” condition when you move out, which means swept, vacuumed, and free of debris or excess stuff the buyers haven't agreed to keep.

What to do before final walk through? ›

What should be on your final walk through checklist:
  1. Bring all the essentials. ...
  2. Verify final repairs. ...
  3. Check for all items included in the sale. ...
  4. Open windows and doors. ...
  5. Carefully inspect the bathrooms. ...
  6. Review the condition of the kitchen, too. ...
  7. Test all the appliances. ...
  8. Try out the heating and air conditioning.

Do underwriters check bank statements before closing? ›

Do lenders look at bank statements before closing? Your loan officer will typically not re-check your bank statements right before closing. Lenders are only required to check when you initially submit your loan application and begin the underwriting approval process.

What credit score is good to buy a house? ›

It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly payments.

How long does it take for underwriter to clear to close? ›

Final Underwriting And Clear To Close: At Least 3 Days

Once the underwriter has determined that your loan is fit for approval, you'll be cleared to close. At this point, you'll receive a Closing Disclosure.

What should you shift first in a new house? ›

Here are some things you should do in your new home before moving in.
  1. Get it painted and professionally cleaned. ...
  2. Get done with dues. ...
  3. Make it pest-proof. ...
  4. Plan for children and pets. ...
  5. Get new switch plates and buttons. ...
  6. Get mechanical equipment cleaned. ...
  7. Check the paper trail. ...
  8. Change outdoor locks.
Apr 12, 2022

What's the first thing you should move into your new house? ›

Set up Utilities and Connectivity

You probably don't want to spend your first night in your new house in the dark, so make sure that you set up your utilities (electricity, heat, gas and water) to be ready for your move-in date. You'll also want to plan for Wi-Fi, phone connection and cable.

What should you fix first in a new house? ›

9 Things to Check For in a New House
  • Change the locks. ...
  • Check for moisture stains. ...
  • Locate the shut-off valves. ...
  • Locate the circuit breaker box. ...
  • Replace the batteries in smoke detectors. ...
  • Give carpets a deep clean. ...
  • RELATED: 7 Rules for Deep-Cleaning Dingy, Smelly Carpeting »
  • Change the heating and cooling filters.
Dec 1, 2014

What can cause a closing to fall through? ›

What Can Cause A Mortgage Loan To Fall Through?
  • Funding Denied Because You Financed A Big Purchase. ...
  • Funding Denied Because You Applied For More Credit. ...
  • Job Change or Loss of Employment. ...
  • Home Appraisal Came Back Lower Than Purchase Price. ...
  • Home Inspection Revealed Major Problems. ...
  • Seller Delayed Closing Date Due To Title Issues.
Aug 5, 2022

What is the best date to close on a house? ›

If you need to be occupying your home by a certain date to save on rent, it's a much better deal to close at the end of the previous month (for example, January 30) instead of the beginning of the current month (February 1).

Can a buyer change their mind after closing on a house? ›

You must notify your lender in writing that you are cancelling the loan contract and exercising your right to rescind. You may use the form provided to you by your lender or a letter. You can't rescind just by calling or visiting the lender.

What should you not do when closing? ›

5 Things NOT to Do During the Closing Process

How much cash should I have left after buying a house? ›

It's a good idea to have at least 3-6 months of living expenses saved up in this cash reserve. Emergency funds are really important to help prevent you from defaulting on your mortgage payments.

Can I use my credit card during closing? ›

Making a Large Purchase on Your Credit Card

Yes, you can use your credit card before your closing date, but do your best to keep your purchases small and pay off your balance swiftly.

What should I bring closing? ›

What To Bring To Closing: A Buyer's Checklist
  • A Photo ID. ...
  • A Cashier's Check. ...
  • The Closing Disclosure. ...
  • Proof Of Insurance. ...
  • Professional Representation. ...
  • The Bottom Line: Be Prepared For Closing Day.
Nov 30, 2022

What are the 4 closing entries? ›

4 types of closing entries
  • Closing revenue to income summary. Closing revenue accounts is when accountants move credit balances from revenue accounts into the income summary. ...
  • Closing expenses to income summary. ...
  • Closing income summary to retained earnings. ...
  • Closing dividends to retained earnings.
Aug 18, 2021

What are the four entries required for closing? ›

What are the 4 closing entries? There are four closing entries; closing revenues to income summary, closing expenses to income summary, closing income summary to retained earnings, and close dividends to retained earnings.

How many steps are in the closing process? ›

House Closing Process: The 12 Steps of Closing.

What is the timeline for closing on a house? ›

Typically, you can expect closing on a house to take 30 – 45 days. As of September 2021, the average time to close a home purchase was 50 days, according to the Ellie Mae Origination Insight Report.

What is closing entry give example? ›

Here are some examples of closing entries. (i) Opening stock account, Purchase account, Wages account, Carriage inwards account and Direct expenses account are closed by transferring to the debit side of the Trading and Profit and Loss account.

How do you pass a closing entry? ›

The basic sequence of closing entries is as follows:
  1. Debit all revenue accounts and credit the income summary account, thereby clearing out the balances in the revenue accounts.
  2. Credit all expense accounts and debit the income summary account, thereby clearing out the balances in all expense accounts.
May 14, 2022

What are the two major steps in the closing process? ›

The closing process consists of three main steps:
  1. Identify temporary accounts that need to be closed.
  2. Record closing entries.
  3. Prepare the post closing trial balance.

What is the first entry in the closing process? ›

Recording a Closing Entry

First, all revenue accounts are transferred to income summary. This is done through a journal entry debiting all revenue accounts and crediting income summary. Next, the same process is performed for expenses.

What is the order of the closing process? ›

To close the deal on your home, you need a closing agent (also called a settlement or escrow agent). They'll coordinate document signing for all the parties, verify that both you and the seller have met the terms of the purchase agreement, and finally pay out all funds, transfer the title, and record the deed.

What do lenders check before closing? ›

Generally, they are looking for unusual deposits, sources of funds and reserves. I'll explain each of them below. Simply having money in your bank when you're at the closing table is not enough. The underwriter will review your bank statements, look for unusual deposits, and see how long the money has been in there.

What is the fastest you can close on a house? ›

“With a good broker, a solid documentation package, and persistence, some buyers can close in as fast as two weeks.” Buyers who pay cash for their new home — instead of going through the mortgage application process — typically close faster. But even when paying cash, it often takes at least a couple of weeks to close.


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