The day is finally here! You searched for that perfect home for months, put in an offer that was accepted, had inspections performed that came back clean and have all of your financing details ducks in a row. Now what?
It’s closing time!
So you may wonder how exactly to prepare for a closing and what you need to bring to the table. Here are some things you should expect to happen on this day:
Preparation: Through your contract, you should have the ability to do a walk-through of the property you’re purchasing approximately 24 hours prior to closing to make sure the home is in the condition written out in said contract. If by chance this final walk-through uncovers any issues, you will most likely be able to postpone the closing, or go back to the seller and request money to fix the problems.
Paperwork: Throughout your entire home-buying process, you most likely have acquired a ton of paperwork. Make sure you have any and all official documents related to the purchase of the property with you on closing day. Two of these documents are particularly important – proof of homeowner’s insurance and a copy of the contract. Be sure to have your checkbook handy too.
The actual closing day: As the buyer of the property, be sure to stretch out your arm and writing hand because you’ll be signing more paperwork – the mortgage and other documents regarding specific transfer of ownership. Expect to also pay the amount for closing costs, initial costs for homeowner’s insurance as well as property taxes. Additionally, there will usually be an attorney present and most likely the real estate agent representing both the buyer and the seller.
What you’ll come away with: If all goes well, you’ll have in your possession the keys to your new home in addition to copies of all of those signed documents to file away for future tax returns.
Remember that our American Dream Team are experts in all facets of real estate – from searching to closing. Call us and we’d be happy to get this exciting process started for you!