With the current real estate market, it’s hard to land your dream home in New York. While purchasing a home is exciting, you’re always left with one process, real estate closing. The closing process entails handing over the ownership of the house. Here’s some insight on what to expect during the real estate closing process.
When does it happen?
Real estate closing is often the final step before you become a legal owner of a house. While negotiating for the house, the seller and the buyer agree on a closing date as shown in the agreement contract. After accepting your money, the seller requires some time to work on the execution of paperwork and other residential real estate transactions. Thus, you may end up waiting for weeks or months on the closing.
How to prepare for real estate closing
Since you are close to being a homeowner, this is the worst time to make a mess. First, ensure you have a qualified real estate agent. The agent will help you in gathering an attorney, home inspector, escrow officer and mortgage professional.
Then, review the contract and other contingencies. Some of the common contingencies include home inspection, appraisal, loan documents and insurance. Ensure you carry out a home inspection 24 hours before closing.
How long is the closing process?
The real estate closing process takes up to 41 days. The duration is long since most home buyers often request additional loans complicating the credit. You shouldn’t take extra credit for your mortgage since it’ll affect your credit score. Additionally, the closing can delay if you fail to let your lender know obligations such as child support.
Before real estate closing, contact an attorney. An attorney might help you recheck the real estate closing checklist and other minute details you could’ve missed.