Closing is the final step in purchasing your new home. Unless you have been through the home buying process before, you might not be adequately prepared on the big day. Here are some tips to help ensure you are ready to take ownership of a home.
Contact the Lender
A week before you are scheduled to close, contact your lender and ensure all of the documents needed to approve your loan are accounted for. Without all of the proper documentation in place, the lender can pull the plug on your closing.
If the lender is missing documentation to complete the loan, submit it as soon as possible. Ask the lender for confirmation that the documentation was received.
Review Your Loan Documents
Ask your real estate attorney to obtain the loan documents from the lender and go over them with you. The attorney can review the documents and ensure that there are no surprises in them.
Most importantly, if there are any provisions or changes to the documents that need to be made, your attorney can contact the lender and have them handled. At the closing, once you sign the documents, it will be nearly impossible to get changes made to the loan documents.
Check the Condition of the Home
If the owner of the home had agreed to complete repairs before the closing, you need to inspect the home and ensure the repairs were done. If not, you could be left responsible for them.
In the event that the buyer has not completed the repairs, your attorney can serve him or her with notification that if the repairs are not completed, you reserve the right to delay the closing. Ideally, your attorney ensured that the right to do so was in your original purchase contract.
Know the Closing Costs
You have to pay the closing costs at the time that the purchase of the home is completed. Prior to closing, you need to review the closing costs and ensure that they are correct and you understand exactly what they are for.
If there is a question regarding the costs, contact your attorney. He or she might be able to negotiate with the lender or home owner for changes to the amount that is owed.
A real estate attorney, like those represented at http://valentineandvalentine.com, will help you identify other steps that you need to take prior to closing to ensure that there are no delays or problems at the time.
Do you understand the legal jargon involved with a real estate transaction? Neither did I until I started buying houses every few months. When I started flipping houses, it forced me to become much more familiar with real estate paperwork. Unfortunately, I realized that a few of my earlier mistakes may have led me to make errors that cost me money. From that point on, I decided to hire a real estate lawyer to go over all of my paperwork before it was submitted. After I started working with my lawyer, it was incredible to see how much easier things were.