10 Things To Know When Closing On Your Home
Buying and Closing on a home is NOT like a purchase at a car lot or a furniture store. There are many legal and ethical issues that need to resolved by many people, before the completion of sale occurs.
In this blog post report, I want to quickly outline some important steps to familiarize you of the process.
Here is the setup prior to submitting a escrowed offer.
(A) You have finished the exhausting search for a new home and finally found the house of your dreams.
(B) The real estate agent, hopefully me, has already helped you to prepare the best offer. It contains the list of contingencies (for example, that seller fully disclosed any problems with the house, points on the results and actions after the inspections, etc.) and it is finally accepted.
(C) Anticipation of a purchase is rising. You are ready to sign the documents and move into your new family home, loft, condo, or a sea-view apartment as soon as possible.
(D) Although, it is too early to pack your boxes yet. A long journey waits, and there are ten steps to take before you own your property. So let’s look at them.
Risks and Delays on a Closing Day
Even a well prepared closure may not go as planned. Some mistakes can be revealed during the signing of the documents.
There are a few examples of how this might happen. If you or your seller’s financial circumstances change or if one of you changed your last name during marriage. It is possible some of the repairs were not considered, or one of you simply backs out from the deal. Everything is possible, and you have to prepare for every option.
If either of you refuse to sign the deal because you changed your mind, or found a better option, the other party has right to collect the damage fees. This clause is usually obligatory in all the agreements.
Closing a deal is a big responsibility, stress and financial risk for all parties involved. It is important to understand that, especially if you are doing it for the first time.
You need to do your research and gather all necessary documents. You must also follow your attorney’s, inspectors’ and real estate agent’s advice. Not to mention, you have to be sure that you definitely want to close this deal.
Then calm down and take a deep breath. Now you can go through with it!
After you Sign the Papers
Take the keys and start moving into your new house. Now you are a legitimate owner and a responsible person for a mortgage loan.
Closing on a first new home is mind blowing – both in a good and a bad way.
Nothing can be compared to buying your first home. When you finally get through with it, you will be able to relax and enjoy your new property.
Hopefully, these basic steps will help the first time home buyers handle this incredible process with less stress and more energy.
Having an experienced Real Estate Agent on your side takes a huge load off your plate to make sure the tasks listed above are taken care of. This is what I do for my Clients that allow me to find the best homes, in a short period of time, and make sure that problems are pointed out and offer you options to solutions. If costs you ZERO to have an experienced Agent on your side, as a Buyer’s Agent, that represents your interests in a Real Estate deal.
“Experience On Your Side” – TEXT or CALL me for a FREE advice.
I hope this information was helpful for you.
If you still have any questions, please do not hesitate to contact me.
I understand many people don’t want “to be sold” by a sales person.
Not my style.
I GIVE as much information as I can to help you make informed decisions.
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