Embarking on the journey towards homeownership culminates in what is known as the closing process. The closing process includes the signing of documents, the exchange of funds, and the much-anticipated handing over of keys. However, this pivotal moment can be delayed by factors such as low appraisals, financing hiccups, unmet contingencies, and title issues. This Article from Bankrate will help you to better understand and navigate through the intricacies of the closing day process. Give me a call with any questions you may have or if you have any other real estate needs.
Tim Houterloot - Broker/Realtor
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indyhomepro@outlook.com
Source: Bankrate | Repost Houterloot 3/29/2024 -
Closing on a house marks the beginning of a new chapter in your life. But this crucial final step towards homeownership includes lots of documents, signatures and fees. Here’s a closer look at what to expect on your closing day (and the days leading up to it).
What is the closing process?
Closing is the final step in what is often a lengthy process associated with a real estate sale: The time between signing a purchase and sale agreement and reaching the closing table can take at least a couple of months. For homebuyers, closing is the day they officially take over ownership of the property and receive the keys. For sellers, meanwhile, closing is the day they’ll receive proceeds from the sale.
By the time closing arrives, many important steps have to be completed. Unless they’re paying in cash, the prospective buyer will have secured the mortgage needed to purchase the property. An appraisal of the home and an independent third-party inspection of its condition will have been carried out. Any additional discussions of costs, repairs and fixtures will have been satisfactorily settled. The buyer will do a final walk-through of the property. Usually, the seller has packed up and departed.
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