Has your offer on a home been accepted? Congratulations! If all goes well, it will soon be time for the closing, the final step in transferring ownership of a property. But there’s still work to be done.
Reaching closing day after an accepted offer typically can take between 30 and 45 days — but can sometimes drag on for several months.
In order to close, buyers must have their funds in place, which usually includes lining up a mortgage. Lenders must be satisfied that the borrower and the property are safe prospects and that proper insurance is in place. An inspector will assess the home’s value and condition. Payments to sellers, lenders, lawyers, real estate brokers and other parties must be calculated and prepared. It’s recommended that buyers hire a real estate attorney to assure that no detail is overlooked.
On closing day, there will be documents you need to bring, as well as those closing costs to pay. The Consumer Financial Protection Bureau recommends that you do a final walk-through of the home just before the closing, so that any issues or problems are revealed and adjustments to the deal can be made. Rules regarding real estate closings vary from place to place, so double check everything with your attorney.
About to close? Take our quiz to test your knowledge.
