The Closing Process
Once you have found the home you want to buy, there are several additional steps that need to take place in order to close the sale after the purchase and sale agreements have been signed.
Step 1 Contract: Write an acceptable offer and set dates for title report, inspection, appraisal and closing.
Step 2 Title Report: The title report ensures that the seller has clear title to the property and has the right to transfer ownership to you.
Step 3 Inspection: A licensed inspector is recommended to perform an inspection at the buyer’s expense and a resolution is agreed upon by all parties. Any inspection conditions must be agreed upon in writing before the sale on your new home can close.
Step 4 Appraisal: Your lender requires a formal appraisal to confirm the value of the home you’re buying, to use as collateral to secure the loan.
Step 5 Prepare closing documents: Title Companies prepare documents that confirm the transaction, prorate funds, etc.
Step 6 Signing of closing documents: Both parties need to sign closing documents and deposit funds. The sale actually closes when the deed is recorded and funds are disbursed at the closing table.
Step 7: You get the keys to your new home!
Surprises and Delays
There are many opportunities for surprises or delays in a transaction. Part of our expertise is in troubleshooting problems that arise in the closing process, including anticipating and preparing for potential problems before they arise.
Please email or call us any time if you have questions or would like more information about the closing process.