Congratulations you bought a house! Homeownership is exciting every time, whether this is your first house purchase or your tenth. However, along with the excitement comes a lot of uncertainty. Will the home pass inspection? Will the paperwork process go smoothly? Will the closing be easy?
Closing on a house is certainly an exciting time. However, it can get frustrating if you aren’t properly prepared. Knowing the steps involved, documents needed and time it will take can make the whole process run more smoothly. You’ll also feel more confident the more you know about the process.
The First Few Steps
You’ve found your dream house and agreed with the seller on a price. But what happens now? The time you are under contract for a home purchase to your closing date can take 4-8 weeks to complete. That can seem like an eternity when all you want to do is move into your new home. However, you and the seller need this time to prepare for the transaction.
During this time, you will want to set up a third-party escrow account to cover closing costs and the down payment. This time prior to closing will also be a time for the home inspector to visit the home and make any recommendations. You’ll have time to negotiate the findings as well, asking the seller to make any repairs as needed.
Approaching the Closing Date
As the big day approaches you will need to ensure all home inspections have been completed and passed. Any repairs that the seller had agreed to must be done to your satisfaction, as per any negotiation.
As the closing date approaches, it is time to revise or increase your home insurance policy. If you haven’t owned a home before, you will be starting from scratch. If you have homeowner insurance currently, you will need to work with your agent to adjust the parameters for your new home.
Finally, during these last few weeks prior to closing, be cautious with your spending. Avoid any major purchases or opening any new lines of credit. Lenders and sellers do not typically like abrupt changes and major financial activity can cause a delay in your closing.
The Day of the Closing
The final walkthrough is finished, all repairs are done, and now it’s time to close. Be sure you are prepared with a cashier’s check for the down payment and any closing costs. You will also want to bring along your checkbook for any additional fees or costs that arise during the process.
The closing process can be confusing, and there is a lot of paperwork involved. You can feel more confident that your best interests are taken into account when you work with a real estate attorney. At Bell & Shah, we excel at real estate transactions, meaning our clients have no surprises during their closing dates. We are there during the closing process to make sure everything runs efficiently and to explain what is happening to our clients. Our team is also there to negotiate any additional fees or costs that pop up during the process.
You don’t have to wait for your closing or contract to work with our experienced team of attorneys. Instead, call us as you begin your home search so that we can advocate for you throughout the entire process.
Call us today to get started.