Closing Day in Utah: What to Expect from Settlement to Keys
/You made it through your contingencies. The inspection is done, your loan is approved, and the appraisal came back at value. The finish line is in sight. Here is what happens in the final stretch, from the closing disclosure to the moment you get your keys.
The Closing Disclosure: Read It Carefully
At least three business days before your settlement appointment, your lender is required by federal law to send you a Closing Disclosure. This document is a detailed, line-by-line breakdown of every cost associated with your transaction: your final loan amount, interest rate, monthly payment, and every fee and credit involved.
Read it carefully. Compare it to the Loan Estimate you received at the start of the process. If anything looks different or unclear, contact your lender immediately. This is not a document to skim.
A Quick Note on Wire Fraud
Before you wire any money, call the title company directly using a phone number you have independently verified - not a number from an email. Wire fraud targeting real estate transactions is real, and it happens in Utah. Criminals sometimes intercept email communications and send fraudulent wiring instructions that appear to come from your title company or agent. Always confirm verbally before sending any funds.
The Final Walkthrough
The REPC allows for a final walkthrough within the seven days before settlement. This is not a second inspection. You are confirming three things: the home is in substantially the same condition as when you wrote the offer, any repairs the seller agreed to make have been completed, and all personal property included in the contract is still there.
If you find a significant issue, contact your agent immediately. Most things that come up can be resolved quickly.
Settlement: What Actually Happens
In Utah, settlement and closing are two distinct events -- a distinction that confuses a lot of buyers.
Settlement is the appointment where you go to the title company and sign all the loan and title documents. Plan for about an hour. Your escrow officer will walk you through each document. What you are signing includes your promissory note (the formal promise to repay the loan), the deed of trust (which secures the loan against the property), and the settlement statement showing every dollar in and out of the transaction.
Closing costs in Utah typically run 2 to 3 percent of the purchase price and cover lender fees, title insurance, escrow fees, prepaid interest, and property tax and insurance escrows.
Closing is when the transaction is officially complete -- meaning all funds have been received and the new deed in your name has been recorded with the county. You do not own the home, and you do not get the keys, until closing has occurred. Depending on what time recording happens with the county, this can be anywhere from late morning to late afternoon on settlement day.
You Have the Keys. Now What?
Change the locks. You do not know how many copies of the existing keys exist. It is a simple, inexpensive step and the first thing every new homeowner should do.
Transfer utilities into your name on or before your possession date. In Utah, this typically means Rocky Mountain Power for electricity, Enbridge for gas, and your local city or municipality for water, sewer, and trash.
In the first few weeks, use your inspection report as your roadmap. Replace smoke and carbon monoxide detectors, locate your main water shutoff valve, change the furnace filter, and check your gutters. None of this is urgent, but working through it methodically in the first month sets you up well for the year ahead.
Buying a home is one of the biggest decisions most people ever make. Getting to closing day is a real accomplishment. Congratulations on your new home.
Ready to Go Deeper?
Thinking about buying a home in Utah? The Utah Home Buyer's Guide covers every step of the process in plain language, from pre-approval through closing day.
Have questions about Settlement right now? I am happy to talk through it. Reach me below.
Melissa Brownell is an Associate Broker with Plumb & Company Realtors in Salt Lake City, Utah, with 15 years of experience helping buyers and sellers throughout the Salt Lake Valley.