What to Expect at a Closing
After you’ve completed your home inspection and appraisal, have purchased homeowners insurance and have secured a mortgage loan, the final step in the home-buying process is the closing. If you have never purchased a home before, this process can seem intimidating. However, it’s actually quite simple and should go smoothly if there have been no hiccups in the real estate process along the way.
Below are a few things you should expect with your closing:
- You’ll need patience: The mortgage closing process can take a couple of hours or more (depending on the circumstances), so make sure you’ve taken off at least a half-day of work to get it done. Many people attempt to get to a closing over their lunch hour and find there is not nearly enough time.
- You can ask questions: During the closing, the seller will sign a variety of documents transferring ownership of the property, and you will sign documents related to the sale. You will be putting your signature and initials on a lot of documents during this meeting, so if you have any questions about anything or feel the closing officer has not explained something to your satisfaction, you are more than free to stop and ask questions. It’s important to understand the documents you’re signing. And that’s why it’s also important to be represented by an experienced real estate attorney.
- Your walk-through should happen before closing: You are allowed to do a final walk-through of the property to make sure there was no damage done to the property between the offer and the closing. This should take place within 24 hours prior to closing in case you need to negotiate any repairs.
- Several parties will be present: At the closing, you can expect to see the seller of the property and his or her real estate agent, a representative of the title company, a closing agent, attorneys of the buyer or lender (if applicable) and your real estate agent.
For more information on what to expect at your closing, speak with a central Virginia real estate lawyer at Miller Law Group, PC.