Closing on Your San Antonio Home

The final steps to homeownership

Closing on a San Antonio home happens at a title company, where the buyer reviews and signs the loan and closing documents, provides the remaining funds by verified wire or cashier's check, and receives the keys once the loan funds. Buyers receive their Closing Disclosure at least three business days before closing, and closing costs typically total 2% to 5% of the purchase price, not including the down payment.

After weeks of searching, negotiating, inspections, and lender processing, closing day is when ownership officially transfers. Tami Price, Broker Owner of Tami Price Properties and an Accredited Buyer's Representative (ABR®), prepares buyers for every step so the day goes smoothly.

What happens in the final week before closing?

What should I check at the final walkthrough?

• Property condition: no new damage since the inspection
• Agreed repairs: all negotiated repairs finished properly
• Included items: appliances, fixtures, window treatments, and other items in the contract are there
• Excluded items: anything the seller excluded has been removed
• Systems: faucets, toilets, appliances, and HVAC all work
• Cleanliness: broom-clean, or as the contract states
• Keys and access: all keys, garage remotes, and gate codes will be provided

Minor issues can often be resolved with a credit at closing. Major problems may require delaying closing until they're fixed, which is why the walkthrough happens a day or two early. Tami helps buyers identify concerns and decide what to do.

What closing costs do buyers pay in Texas?

In total, buyer closing costs typically run 2% to 5% of the purchase price, not including the down payment. Down payments start at 3% for conventional loans, 3.5% for FHA, and 0% for eligible VA and USDA buyers.

Example only. Exact figures appear on your Closing Disclosure.

What happens on closing day?

The escrow officer walks the buyer through each document. Take your time, read, and ask questions. Buyers sign documents including:

• Promissory note: the promise to repay the loan
• Deed of trust: secures the loan with the property
• Closing Disclosure: the final accounting of costs and credits
• Various affidavits, disclosures, and acknowledgments

The seller signs the deed, which transfers ownership. Once all documents are signed and the loan funds, the buyer receives the keys. Buyer signings typically take 45 minutes to an hour, so it's best not to schedule anything right after.

What happens after closing?

The title company records the deed with the county, usually the same day or the next business day, making the buyer the owner of record.

Next steps for new homeowners:

• Change or rekey the locks right away
• Confirm utilities are in your name
• Forward your mail with USPS and update your accounts
• File the homestead exemption with your county appraisal district to reduce property taxes, as soon as you're eligible
• Save your closing documents for taxes, refinancing, and a future sale
• Schedule maintenance, change HVAC filters, and line up service providers
• Document the home with photos and video for insurance
• Meet your neighbors

When is my first mortgage payment due?

Usually one to two months after closing. For example, a buyer who closes on March 15 prepays interest through the end of March at closing, and the first payment is typically due May 1. Most payments include principal, interest, property taxes, and insurance, with taxes and insurance held in escrow and paid by the lender. HOA dues are usually paid separately.

What tax benefits come with homeownership?

• Mortgage interest: may be deductible on up to $750,000 of mortgage debt for buyers who itemize
• Property taxes: may be deductible, subject to the state and local tax (SALT) deduction limit
• Capital gains exclusion: when selling, owners may exclude up to $250,000 of gain, or $500,000 for married couples filing jointly, if they owned and lived in the home at least two of the five years before the sale

Keep the Form 1098 from your lender, property tax statements, and your Closing Disclosure. Tax rules change, so consult a tax professional about your situation.

What can delay a closing?

Tami monitors each transaction closely to catch and resolve issues before they delay closing.

What should military buyers know about closing?

• Remote closings: buyers PCSing from out of state can often close with a mobile notary or a power of attorney, if the lender and title company approve.
• VA funding fee: currently 2.15% for first-time use with less than 5% down, and it can be financed into the loan. Veterans receiving VA disability compensation are exempt.
• SCRA protections: the Servicemembers Civil Relief Act provides certain protections on interest rates, foreclosures, and evictions for those on active duty.
• BAH: lenders can count Basic Allowance for Housing as qualifying income.

Read Military Homebuying in San Antonio.

Frequently asked questions

Can I move in right after signing?

Not always immediately. In Texas, buyers take possession once the transaction funds, which often happens a few hours after all parties sign. If signing happens late in the day, funding may happen the next business day. Sometimes the seller negotiates a short temporary lease to stay after closing.

Do the buyer and seller sign together?

Usually not. In San Antonio, buyers and sellers typically sign their documents at separate times.

What time of day do closings happen?

Closings are scheduled throughout the business day. Earlier signings give the loan more time to fund the same day.

How long is my earnest money held?

The title company holds it from shortly after the contract is signed until closing, when it's applied toward the down payment or closing costs. If the contract terminates, release timing depends on the circumstances and the contract terms.

What if I find a problem after closing?

Depending on the issue, seller disclosure requirements, title insurance, or a home warranty may apply. Document everything and talk with your agent, and with an attorney if needed.

What if closing gets delayed?

Delays happen, most often because of lender conditions, title issues, or repairs. Tami works to minimize delays and keeps buyers informed at every step.