What to Expect on Closing Day: A Real-World Guide for Central Illinois Buyers and Sellers

After all the showings, inspections, negotiations, and paperwork, you’ve finally reached the big moment: closing day. But what exactly happens when the keys change hands? Whether you’re buying your first home in Peoria or selling your longtime house in Pekin, closing day is a major milestone—and understanding the process can help you avoid surprises and stress.

Let’s walk through what closing day really looks like here in Central Illinois, and how to make sure everything runs smoothly.

For Buyers: What Happens at Closing

When you’re buying a home in towns like Washington, Dunlap, or East Peoria, the closing process is where the deal becomes official. You’ll typically meet at a title company, attorney’s office, or (in some cases) do a remote closing if allowed.

Here’s what to expect:

Review and sign documents. You’ll sign the loan documents, the deed of trust or mortgage, and various disclosures.
Bring your funds. This includes your down payment and closing costs, which are typically wired or paid by cashier’s check. Double-check the final amount with your lender or title company the day before.
ID check. Bring a valid government-issued photo ID. Sometimes, two forms are required.
Final walk-through. This usually happens 24 hours before closing. It’s your chance to ensure the home is in the agreed-upon condition—clean, empty, and with any negotiated repairs completed.

Once everything is signed and the transaction is funded, you’ll get your keys and officially become a homeowner.

Pro tip: Don’t schedule your moving truck the same hour as closing. Delays can happen. Give yourself some cushion, especially on Fridays or near holidays when offices are slammed.

For Sellers: Wrapping Things Up

If you’re selling a home in Morton, Germantown Hills, or West Peoria, closing day is your payday. You may not even need to attend the closing in person, depending on how your title company handles the transaction.

Here’s what to expect:

Sign the deed and settlement documents. This can often be done ahead of time.
Turn over keys, garage remotes, and manuals. Don’t forget extras like mailbox keys or security system codes.
Receive your proceeds. The title company will wire the funds or issue a check once the transaction is recorded and finalized—often the same day.

Before closing, make sure the home is clean and fully emptied, with any agreed-upon repairs completed. If the buyers arrive for the final walk-through and find items left behind or work undone, it can delay or derail the closing.

Common Closing Delays (and How to Avoid Them)

Closings usually go off without a hitch, but here are some common speed bumps:

Last-minute lender requests. Sometimes underwriters ask for updated bank statements or documentation at the eleventh hour.
Wire fraud precautions. Always verify wiring instructions by phone with the title company before sending funds. Don’t trust email instructions alone.
Walk-through issues. Buyers may notice damage, trash left behind, or uncompleted repairs.
Missing documentation. A seller forgetting to bring the payoff letter or buyer forgetting an ID can cause delays.

Having a REALTOR® who double-checks everything and coordinates with your lender and title company is key to keeping things on track.

Closing Costs: Who Pays What?

Here’s a quick breakdown based on common Central Illinois practices:

Buyers typically pay:

Loan origination fees
Appraisal and credit report fees
Lender’s title insurance
Escrow for taxes and insurance
Recording fees

Sellers typically pay:

Transfer taxes
Owner’s title insurance
Real estate commissions
Prorated property taxes

Every deal is unique, though—some costs are negotiable, and others depend on your lender or local municipality.

You’re Not Done Just Yet

After closing, buyers should:

Set up utilities and change the locks.
Register your deed (often done automatically by the title company).
File for your homestead exemption, if applicable, to reduce your property taxes.

Sellers should:

Cancel utilities effective the day after closing.
Notify the county of your address change if you’ll still be paying taxes elsewhere.

Final Thoughts: Let’s Close With Confidence

Closing day can feel overwhelming, but it doesn’t have to be. With an experienced agent guiding you, you’ll know exactly what to expect and how to prepare.

Whether you’re buying a modern home in 61615 or selling a classic ranch in Pekin, I’m here to walk you through it—from the first showing to the final signature.

Real Estate? Call Duvall!