Closing Your Home Purchase
The process of making a home purchase can be complicated. After all, finding the right home and making an offer can take up enough of your attention. And that is before considering closing your home purchase.
Closing your home purchase is the last step but one of the most important. You have spent all this time finding the right home for you and the perfect mortgage to go with it. Now is time to take on the financial and legal aspects that come with a home purchase.
Things to Keep in Mind During a Home Purchase Closing
When getting this close to the finish line, all parties involved what to ensure that the closure transaction is completed smoothly. To do this, keep a few things in mind:
- Give a copy of your purchase offer to your lawyer. They will verify the conditions and terms and will explain how the property will be registered when finally transferred to your name.
- Meet all of the terms of the offer by the deadline. These terms will include:
- Completing inspections, including the home inspection.
- Carrying out title searches. This is completed by your lawyer in order to ensure that the seller is the lawful owner and that the sale is legal.
- Making the payments and the deposit
- Arranging for a land survey. This is mandatory to meet the terms and conditions that have been specified by your mortgage lender.
- Have your lawyer check on taxes to ensure that the property taxes are up to date
- Finalize your mortgage paperwork (this is done by your lawyer).
- Arrange for the utilities to be connected to your new home. Don’t forget to disconnect services at your old place.
- Confirm the purchase price, the balance of the deposit, and any other adjustments. Have your lawyer prepare a statement of adjustment if this is necessary.
Sign the Check to Complete the Purchase
After you have checked all of those items off, there is one thing left: sign the check. After you sign it, the lawyer will hold the check in trust. You will also likely have legal fees to pay at this time for whatever legwork the lawyer has completed for you during this time.
When all of these steps have been completed, you will be given possession of your new home. This takes place on the closing day that is specified in the offer itself. Everything else after that is entirely up to you.
Though the process of purchasing a home can be a complicated endeavor, getting to the end and enjoying your new home is particularly sweet. The key is to ensure that loose ends have been tied up and that all legal matters are in proper order.
When everything has been completed and fees have been paid, you will finally be provided with the deed to your new home. It will be a process that you will never forget and you will be glad that you had help along the way.
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