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The Closing Process-What You Should Expect

You’ve found your dream house and you can’t wait to get the keys and make it your own. The only thing left to do is go through the closing process – then once all the i’s are dotted and the t’s are crossed it’ll finally be yours.

It’s understandable if you’re excited – particularly if this is your first house – but don’t allow your joy enthusiasm to cloud your judgment. Before beginning the closing process you might want to keep a few things in mind if you want it to go smoothly:

 

  • Remember that this will take a little bit of time and patience indeed is a virtue. The last thing you want to do is try to get your closing done in the 30 minutes or hour you might have for lunch.

 

  • Before closing, you need to do a final walk through, preferably the day before. This must be done to make sure the house and property is exactly as it was the last time you saw it or to make sure any repairs have been completed.

 

  • Before you head to the office to close, double check to be certain you have all the necessary paperwork, such as your contract, inspections documents, homeowner’s insurance information, etc.

 

  • Depending on where the home is located that you’re purchasing due to the fact that the closing process varies from state to state, those who need to be part of the closing, along with you, are generally the seller, the lender, the seller’s real estate agent, someone from the title company, the closing agent. Should either the seller or buyer have one, attorneys may also be part of the process.

 

  • During the closing, the seller signs papers transferring ownership of the property. You will also receive the settlement statement, the mortgage note (this is the buyer’s promise to repay the loan) and the mortgage or deed of trust.

 

A couple of other notes that might be helpful include making yourself familiar with the ins and outs of purchasing a home before you even find your perfect home and if at all possible thoroughly review all the paperwork before you walk into the office for the closing. Being prepared will save you time, stress and possibly money.

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