Preparing for Closing: What to Expect
Has your offer on a home been accepted? Congratulations! If all goes well, it will soon be time for the closing, the final step in transferring ownership of a property. But there’s still work to be done.
The Timeline
Reaching closing day after an accepted offer typically can take between 30 and 45 days — but can sometimes drag on for several months.
The Process
In order to close, buyers must have their funds in place, which usually includes lining up a mortgage. Lenders must be satisfied that the borrower and the property are safe prospects and that proper insurance is in place. An inspector will assess the home’s value and condition. Payments to sellers, lenders, lawyers, real estate brokers and other parties must be calculated and prepared. It’s recommended that buyers hire a real estate attorney to assure that no detail is overlooked.
What to Bring to Closing
On closing day, there will be documents you need to bring, as well as those closing costs to pay. The Consumer Financial Protection Bureau recommends that you do a final walk-through of the home just before the closing, so that any issues or problems are revealed and adjustments to the deal can be made.
Rules and Regulations
Rules regarding real estate closings vary from place to place, so double check everything with your attorney.
Conclusion
With the right preparation and knowledge, closing on your new home can be a smooth and stress-free process. Remember to stay organized, communicate with all parties involved, and don’t hesitate to ask questions if you’re unsure about anything.
FAQs
Q: How long does it typically take to close on a home?
A: Typically, it takes between 30 and 45 days, but can sometimes take several months.
Q: What do I need to bring to closing?
A: You will need to bring documents and closing costs. It’s also recommended to do a final walk-through of the home before closing.
Q: Who should I hire to help with the closing process?
A: It’s recommended to hire a real estate attorney to ensure that all details are taken care of and to protect your interests.
Q: Do real estate closing rules vary from place to place?
A: Yes, rules regarding real estate closings vary from place to place, so it’s important to check with your attorney to ensure you understand the specific rules and regulations in your area.
