A Checklist For The Closing Process When Buying A House

2 Minutes Posted on:

A Checklist For The Closing Process When Buying A House

One step you will probably take when buying a house is hiring a real estate agency. Buying a home without an agent is not a smart move, as agents provide expert assistance. Therefore, you might want to complete this step before moving any further. During the home-buying process, your agent will assist in many ways, including helping you work through the closing steps. Before you get to this part of the process, you might want to know what to expect. If so, here is a checklist for this closing process to help you understand what to expect.

Agree on the Transaction

Before you can begin the closing process, one vital thing must occur — you must reach an agreement on the transaction. To reach an agreement, you will submit an offer to the seller. The seller must accept the offer or negotiate until you are both satisfied with it. Once you reach this agreement, the closing process begins.

Contact Your Lender

One of the first steps you must complete after this is contacting your lender. Your lender needs time to complete the necessary steps, and lenders cannot begin this work until they know which house you are buying. When you call your lender, give them the details of the transaction, and send them the purchase offer. They will begin working on their part, and they will give you instructions on the things you must complete.

Order the Inspections

You will likely be responsible for ordering the inspections for the home purchase. If you decide to get the home inspected by a home inspector, you can choose one and hire them for the job. Your lender might also require other inspections, such as a septic inspection. If this is the case, you can hire the necessary contractors to complete these steps. Your real estate agent can recommend contractors and inspectors for these tasks.

Prepare for Closing Day

Additionally, you will have to prepare for closing day. This date is when you sign the documents for the loan and title transfer, and you must prepare by getting your funds ready. You will need a cashier's check, most likely, for your down payment. Before this meeting, you should schedule a final walk-through of the home with your real estate agent to make sure the house is ready and complete.

If you have questions about the closing process, talk to your real estate agent. He or she can answer all your questions and help you have a smooth closing.

415 Words

About Me

In Real Estate, It Pays to Have a Plan Real estate purchases are big purchases. You may pay several hundred thousand dollars, or even more, for a property. As such, there's not a lot of room for error. If you buy a house that needs a lot of unexpected work or end up in over your head when it comes to the mortgage, your dream home can quickly turn into a nightmare house. We want to help you avoid scenarios like that, which is why we share so much information about real estate on this blog. Our readers emerge more informed on a wide array of topics, from buying to closing.