Many buyers and sellers will attend the closing together, although COVID has changed this for many people. Your Realtor will coordinate this with the other real estate agent involved.
This step is easy but often overlooked until the last minute. Ensure that the title company can accommodate your request on the day and time that you need them.
FINAL WALKTHROUGH
It is wise for the homebuyer to do a Final Walkthrough before the closing. The purpose of a Final Walkthrough is to verify that repairs are complete. Make sure that the home is fully ready to move in.
The final walkthrough is not a time to renegotiate repair items on the sales contract. It’s merely a safeguard to ensure that no significant issues arise that could cause the transaction to terminate. Legal proceedings would likely follow this to mitigate the problems. Minor annoyances like finding burned-out light bulbs shouldn’t be a reason for you to delay your closing.
CLOSE THE TRANSACTION
On the day of closing, you’ll need to have your approved photo ID and certified funds. If youre required to bring money, it will be on your closing statement. You will meet at the title company to sign all of the required documentation.
A typical closing usually takes less than an hour. As the buyer, if you’re getting a loan, you will be signing the lion’s share of the paperwork. Once the documentation is approved, and your lender has funded the transaction, the transaction is complete.
SUMMARY:
Each of the ten steps listed above has the potential to sabotage your home purchase. Make sure that you stay on top of your transaction to identify any potential issues before they arise.
If you have an experienced mortgage lender and Realtor, they will catch these issues immediately. They will keep you in the loop through each step of the transaction and protect your interests. A good Realtor is your best resource to ensure that every step above gets met on time with no added drama.
Unfortunately, your Realtor or mortgage lender may disappear once you have a signed contract. If you’re not confident in your Realtor’s competency, take charge and communicate directly with the lender and title company. This will ensure that everything is moving along as planned.
Buying a home takes time and energy, but it’s gratifying. After you sign the papers at payday loans WA closing and get your keys, all of your hard work will have paid off. You will feel a wave of excitement as you move on to enjoy your new home.
Hi! ?? I’m Andrew Fortune, the founder of Great Colorado Homes and the creator of this website. I’m also a Realtor in Colorado Springs. Thank you for taking the time to read this blog post. I appreciate your time spent on this site and am always open to suggestions and ideas from our readers. You can connect with me on Facebook, Instagram, or contact me through this website. I’d love to hear from you. ??
Our Most Recent Blog Posts:
If a lender does not complete the loan process on time, it may cause a contract breach. Meeting the sales contract’s closing date is an important step. A violation of the agreement will allow the seller to terminate the transaction and keep the buyer’s earnest money.
The busiest day for title companies is on the last Friday of the month. If you’re trying to schedule this day, be sure to schedule your closing as early as possible. These time slots tend to fill up quickly.
