Once all the conditionas and terms of the contract are finalized, it is time for closing. Closing on a property is the best part. This is when homebuyers become homeowners.
Below is a list of activities that should be performed prior to closing to ensure a smooth transition.
- Order Homeowner’s insurance
- Schedule Utility Transfers
- Transfer Funds
- Reserve a Moving Truck
Closing
At closing, buyers be required to sign legal documents and bring certified funds to pay for closing costs, pre-paids, and down payment as required by the lender.
It will take about an hour to sign the paperwork. Most of the paperwork will be the financing terms, along with disclosures required by the lender. The deed and any affidavits required to transfer ownership will also be signed.
Keep in mind that these are legal documents and should be reviewed and understood prior signing. If there are any questions or concerns, please ask for an explanation before signing.
The title company’s closing agent or an attorney will conduct the closing. It is their responsibility to make sure that all documents are signed. Once signing is complete, the closing agent will have certain documents recorded by the county along with ensure that any closing fees and escrow payments are paid and properly dispursed.
Possesion of the property will take place as agreed on the contract. Most home owners require that the loan be funded prior to releasing the keys. The funding is when the lender transfers the money to the title company, which will then be dispursed to home owner. Most times, funding occurs on the same day, but can be delayed.
Once the loan has funded, it’s official…the home buyer is now the new home owner.
Steps to Buying:
- Select a REALTOR®
- Obtain Financing
- Determine Needs and Requirements
- Select the Area
- Select the Right Home
- Write an Offer
- Negotiate
- Inspections
- Closing
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