When the date for closing is finalized, it means you are very close to living in the house of your dreams. But sometimes closing can also lead to a lot of stress like you may have second thoughts about making such a big commitment or you may be worried about everything happening smoothly.
But if your down payment is ready and all your other legal formalities are done, then you need not worry. Nonetheless, there are a few things which you should take care of before signing any papers.
You should make a final inspection of the house to ensure that all the repairs you had asked for are done. Sometimes buyers request the seller to leave some furniture or other things before leaving. You should check if the seller has left all that you wanted. You will have to pay for the pre-negotiated price of the things at the time of closing along with the down-payment.
Apart from you and the seller, the real estate agents of both the parties, buyer’s property attorney, lender’s attorney and representatives of the title company will be present at the time of closing. Make sure that you review the Settlement statement thoroughly with your real estate agent before signing the papers. This is very important as this document will have the information of the amount you are financing, a breakdown of closing costs, and any additional monies needed by you at closing.
You should understand all the legal documents thoroughly before signing. You will be handed over insurance paper, title evidence, and property tax receipts etc. Make sure to go thru them properly.
You will have to pay the amount mentioned in the deed to become the rightful owner of the house that you intent to buy. After signing the papers, the mortgage note and the deed are registered at the registry of deeds. But make sure that you obtain a photo copy of the deed before leaving. You can obtain the original later from the registry of deeds of the county where your house is located.
But before you walk away with the house keys, ensure that you have had a title search done on the house by the title company. This will help you confirm that the house is clean and there are no unpaid taxes due on it. Also, it helps in avoiding any disputes with the third party later on.
The third party is the escrow which takes care of the entire deal till both the parties fulfill all their financial responsibilities. Escrow helps in protecting the interests of both the seller and the buyer.
After you have paid the down payment and other dues to the seller, you will have to pay the commission to your realtor also. This commission is generally negotiated when you approach a realtor to help you with your house hunt.
Finally, the seller will hand over the keys of the house to you, thereby transferring the legal ownership of the house to you.
Take a look at
Condos in Dobson Ranch.
Also, explore
3-Bedroom Houses in Goodyear.
You can also check out
Queen Creek Luxury Properties.
