In order to complete your home sale, you will need to go through a closing procedure. This is when all parties involved sign the required papers and the ownership of the property is transferred from the seller to the buyer.
Usually within the 24 hours leading up to the closing, you will be able to take a walk-through of the home you wish to buy. This allows you to review the property to ensure than any contingencies listed on your contract have been met and that the house is in condition for moving in. If the home does not meet your requirements, you can request that the closing be delayed or that the seller put money in an escrow account to cover any necessary repairs.
Closing requires a great deal of paperwork. You should keep your records organized and also ask your real estate agent about anything else you might need. Be prepared to submit the good-faith estimate, as well as your contract and insurance information. You will also have to sign a number of legal documents and pay closing costs. Make sure to prepare your finances to pay a significant amount at closing.
Closing can be a stressful time, so it is important that you know what to expect. If you have any questions, don’t hesitate to ask your real estate agent, the closing agent or your lawyer. It is better to be prepared that be left in the dark when the closing comes around.
For more tips on closing your loan, view our helpful video.
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