In my past blog post, we’ve talked about finding the perfect home and making the offer. Now, let’s talk about how the closing process works. Closing on Real Estate normally involves a title search, gathering paperwork from the lender, and in general ensuring that everything is complete for the new owner. Your Realtor will help walk you through the process but here are a few of our FAQ’s about closing:
Where will we be closing? You can pick the closing company you’d like to work with. Your Realtor can give you recommendations for closing companies they’ve worked with in the past if you’d like. The closing company will work to get all of the title work completed, paperwork prepared, and identify any issues.
Is the closing date on my contract guaranteed? The closing date on the purchase agreement may change. It is our best guesstimate of when everyone will be ready, including the lender if there will be a mortgage. Your realtor will keep you updated on how things are progressing. We do everything we can to ensure we will meet the agreed upon date, but things do come up.
What happens at closing? Both buyers and sellers should bring their driver’s license as proof of identity. And then, be prepared to sign…..lots of signatures….like a lot! Your closer will review each document with you and have your sign. Once all signatures are completed, you’ll receive copies of everything. Buyers have your settlement funds ready to do. Sellers; you’ll get the proceeds.
When will I get the keys? The most widely agreed upon timing is at closing. Once both buyers and sellers have signed on the dotted lines, the keys are turned over to the new owner. In some circumstances and with prior agreement, move-in early terms are negotiated between buyers and sellers.
Remember, your Realtor will keep you updated on all closing activities. You may be asked for additional information, especially from your lender. Never hesitate to pick up the phone and ask questions. That's what we're here for!