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The Ins and Outs of Closing on Your New Home

Closing on your new home means you are finally approaching the finish line, and before you know it, you will be walking through the front door of your new place. After what probably felt like forever, you have reached the final stretch and now need to finalize the details, sign what seems like endless documents and forms, then shake hands with the parties involved, move in, and celebrate. The process is formal and some may think not so much fun, but it’s all part of what must be done to ensure all items are checked off, and everything is done to the letter of the law.

Once you have made it to this stage of the process, lots of work has already gone into it from both the seller and the buyer. Working with real estate agents often makes things much easier since they are experts and have likely been through the ins and outs of this closing process many times. Working with a realtor allows them to take on the “dirty work” by giving you the direction you need to close properly on your new home. It’s their job to take care of you, so don’t ever feel like it is a burden on them. Plus, with their knowledge, you will have the peace of mind that you are being advised properly and professionally.

Along with a knowledgeable realtor on your side every step of the way, you’ll benefit from having a lawyer present during the closing. He or she will advise you as to what you are reading on the many pages you will be signing. It can be overwhelming, so take your time and take their sage advice. An escrow agent will be there too, as well as anyone else involved in the transaction, including the sellers and/or their representatives.

Prior to closing, you will want to be sure the home is to your standards. You’ve seen it before and decided it was the right place for you, but time has surely passed since you last laid eyes on it. Perhaps repairs or touch-ups were required, and a home inspection should have been done at your request. A day or so before the actual closing procedures (or as close to that date as you can), schedule a walk-through of the home. If you are unable to make it personally, your realtor can do the job for you and report back. If everything is as expected, the closing is a go.

Along with signing what seems like an overload of paperwork, you will also have time to talk with the previous owners about the home if you would like to do so. They may have some details about the home itself, the grounds, or the neighborhood that would be of benefit for you to know. As the buyer, you will present a check for whatever is owed towards the home, the seller will sign over the deed, and any other necessary transactions will take place depending on your individual situation. While all closings have standard to-dos, every situation is a case-by-case process. Then your keys are handed over to you and your life in your new home can begin.

Prepare for this closing to take a good bit of time. Count on the experts to guide you, but do not be shy about asking lots of questions to make sure everything is crystal clear to you, no matter how trivial it may seem. This is not like purchasing a new pair of shoes. Buying a home is a big deal that requires being on the ball from beginning to end. Leave no stone unturned and never do anything that leaves you feeling uneasy or unsure. If you need more time to read through a document or have to postpone any proceedings, do so as long as you are still within the allotted time frame. If the home is not ready or repaired as promised, you can likely extend the date of your closing until everything is as it should be.

Closing on a new home is an exciting time, filled with anticipation, anxiety, and everything in between. Do your homework, trust the pros, and always go with your gut. And once you’ve completed the closing, breathe a sigh of relief, unpack your belongings, and pop open a bottle of bubbly. Welcome home!

Contact Crager Realty when you’re ready to begin the exciting journey of owning a new home.

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