You have found the perfect home, researched the schools and neighborhood, and obtained a mortgage. Buying a home for the first time is incredibly exciting, but it can also be confusing if you are not aware of what is required in order to close the deal. Here are four tips to help you on closing day to make the process as seamless as possible.
- Ask Questions
When you close on the purchase of your home, you will not be alone. Your real estate agent, loan broker, and others will be there as well. Prior to the close, discuss the closing with each party. Ask them what to expect, and if they have any recommendations for a smooth closing process. Take notes, and use this knowledge to your advantage.
- Review All Loan Documents in Advance
When closing on a house, you will be faced with piles of paperwork needing your signature. It can be very overwhelming on closing day to be given documents to sign without knowing what you are signing. This is especially true if you are a first time buyer. You will want to make sure the closing settlement numbers are the same as provided on the good faith estimate. You want to review everything you must sign at least 24 hours prior to the closing. We highlight recommend that you have this information reviewed by a real estate attorney!
- Take a Vacation Day
Some closings take 30 minutes, while others take 5 hours. You will not know how long your closing will be, and you certainly don’t want to rush. So plan on taking the day off so you can spend the time required to close properly, and so you don’t feel rushed or pressured to sign documents without fully understanding them.
In addition, you typically should bring a check to the closing. While many believe a wire transfer is the quickest way to send money, the closing will be held up until the cash is deposited into the escrow account. By bringing a check, the escrow will be funded immediately and you can fully close at the end of the closing.
- Expect the Unexpected
Never has this phrase been more relevant than it is in real estate. If something can go wrong, it will. Because of the number of documents required to close a home, errors are very possible. A simple typo can stop a closing in its tracks. These types of errors are to be expected, and luckily, they are very easy to correct. But expecting possible delays will make your closing day much less stressful.
Buying your first home is such an exciting time. It’s an important milestone, and one you shouldn’t go about alone. Make sure you have a real estate attorney on your side, one who can walk you through the process and answer any questions that you may have. You only buy your first house once, and hiring a real estate lawyer will make the process as easy as possible.
Law Office of Ray Garcia, P.A.
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