What Are Reasonable Expectations During A Final Closing?
Tuesday, November 29, 2022
So you succeeded in buying a house - congratulations! Now, what? Here are some reasonable expectations during a final closing to help you prepare.
Contract Review With Lawyer
Once you have purchased your dream home you will need to forward a copy of the offer to your lawyer. If you used a real estate agent, usually your agents' office will forward the offer to the lawyer for you. Both the buyer and seller will need their own real estate lawyer. This lawyer is responsible for holding all money and documents essential for the transaction of the property until it is complete or closed.
Conduct A Title Search
Your real estate lawyer will then perform a title search which will find all the records and documents relevant to the property. This is important as the title search will determine if there are any deficiencies, liens against the property, or other issues that cannot be rectified by your real estate lawyer. A clean title search can let you proceed to next steps like a home inspection.
Home inspections are very important and should not be missed. A home inspector (preferably an independent one) will inspect your home top to bottom to see if there are any structural or serious issues that you cannot notice right away. A house may look great to the naked eye, but could require expensive fixes to be safe to live in. If you bought during a "Hot" market, you may have to do the home inspection before you submit an offer or after your offer is accepted. However, If you perform the home inspection after the offer is accepted you have no recourse to get out of the deal and the seller may refuse to remedy any deficiencies.
Final Walk Through
Usually, within a week of the closing date, you will perform a final walk-through of the property with your real estate agent. The purpose of this is to ensure that the house looks the same as when you put in an offer. Any serious changes could mean you are not taking possession of the property you had put an offer on.
Closing Documents / Closing The Sale
Before the closing date you should make arrangement to obtain homeowner's insurance for your home. Your real estate lawyer will meet with you two to three days before the closing date to sign your closing and mortgage documents. The date of closing is the day where everything changes! On closing date, the seller’s lawyer receives the money required from the buyer to close the transaction.Your real estate lawyer will receive all the documents to Land Titles for registration from the seller and most importantly - you will get the keys to your new home!
You’ve got your keys - you’re officially a homeowner! Crack open a bottle of bubbly and celebrate while you move and unpack into your new home.
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Do you want to know more about what happens after you put in an offer? Reach out to us - we’d love to answer any and all questions you may have about this topic or anything else about buying or selling a house by calling Brian at 905-426-7484.
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