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Congratulations! You’ve found your dream home, and your offer has been accepted. But before you can officially call the home yours, there’s one last step. It’s closing time!
What Is Closing?
Closing is the process in which ownership of the house is legally transferred from seller to buyer.
Who Is Involved In The Closing Process?
In addition to the buyers and sellers, a variety of other professionals are involved in the closing process. They may include:
· Real Estate Agent
· Escrow Officer
· Home Inspector
· Mortgage Professional
· Title Insurance Agent
Your real estate agent will be there to hold your hand throughout the entire process. Closing on a home comes with a lot of fine print and legal jargon. When buying a home, you don’t want to overlook anything. Your real estate agent can also help you vet and hire the rest of your expert team.
When Is Closing and How Long Does It Take?
Closing is the final step in completing your new home purchase. During negotiations, the buyer and seller will agree upon a closing date to be listed on the purchase agreement contract. There’s usually some wait time between when your offer is accepted and your closing date. Your agents will work together to formulate a timeline that gives every party enough time to complete their end of the deal. The entire closing process as a whole takes an average of 41 days.
What Are Closing Contingencies?
Closing contingencies are the conditions in the contract that must be met for the transaction to become legally binding. Closing contingencies may include:
· Home Inspection – A proper home inspection can help ensure there aren’t any major flaws within the home that had been overlooked.
· Appraisal – An appraisal is required by your mortgage lender to make sure your loan isn’t worth more than the house.
· Loan Documents – Make sure you have everything you need for final approval.
· Homeowners Insurance – Some lenders require homeowners insurance.
· Final Walkthrough – Your real estate agent will likely schedule this 24 hours before closing. The home should be empty, so you’ll have an opportunity to make sure everything is as it should be.
How Much Does Closing On A Home Cost?
In general, you can expect closing fees to account for 3-4% of the purchase price of your home. These costs may include the inspection fee, attorney expenses, appraisal fee, and so on.
What Happens On Closing Day?
The actual day of closing will include a lot of paperwork. Be prepared to pay any remaining closing costs and sign documents related to your mortgage and the transfer of ownership of the home. The seller will also have to sign documents to transfer ownership, and the new deed will be registered in your name. Hopefully, everything goes as planned and there are no surprises, but if you come across something new or a term you don’t understand, ask your real estate agent for guidance. Never sign or pay for something that you aren’t clear on!
What Do You Need To Bring On Closing Day?
Your real estate agent will help you make a closing day checklist that will include things like a photo ID, outstanding paperwork, and a cashier’s check.
When Can You Move In After Closing?
Your move-in date will be predetermined and documented in your contract as agreed upon by you and the selling party. Depending on the terms in the contract, you may be able to move in immediately.
No matter where you are in the home-buying process, Blue Ridge Properties’ realtors and real estate agents can help you from search to close or jump in at any point in between to provide guidance. Find an agent here!