Closing on Your Home
The Title Search
By now, the title search has been completed, and it demonstrates to your lawyer’s satisfaction that (1) there is no hindrance to the seller’s ability to offer clear and marketable title to the property, and (2) that the title contains nothing that would call into question the buyer’s legal right of ownership to the property once ownership is transferred.
Once the lender is satisfied with the title search, your mortgage is approved. The date, time, and place of the closing can then be scheduled.
Before closing, buyers generally have a final opportunity to walk through the property to assure that its condition has not materially changed since the sale agreement was signed. Some things you might want to check include:
- All items that were included in the sale—appliances, lighting fixtures—are still there.
- There is a working smoke detector in the home, which is required by law.
- Agreed-upon repairs have been made; related warranties are provided.
- Screens and storm windows are in place or stored.
- All appliances are operating. Instruction books and warranties are provided.
- Intercom, doorbell, alarm, garage door, and other pertinent systems are operational.
- Hot water heater and HVAC are working.
- Remotes for the garage door opener and other fixtures are available.
- The sellers’ personal items and all debris have been removed.
The actual closing is a meeting among all parties that usually takes about an hour to an hour and a half. (Sometimes the buyer’s part and the seller’s part are handled separately.) All documents are prepared by your buyer’s broker, the seller’s broker, the title companies, the lenders and the lawyers. This paperwork reflects the sale agreement and allows all parties to the transaction to verify their interests. (For instance, buyers get the title to the property, lenders have their loans recorded in the public records and state governments collect their transfer taxes.) Once the paperwork is complete, the buyer pays the rest of the down payment and the closing costs and the keys are handed over.
Congratulations! You own your new home.
Aren’t you glad you had a buyer’s broker to represent your interests and guide you through every step of this process?
This web resource was designed to educate you on the many ways a buyer’s broker can save you time and money.
Click here to contact me and we’ll get started.
© Copyright 2015. Brian Cafferty. All Rights Reserved.