Steps for Closing the Deal on Your New Home

The process of buying a new home can be a little worrying for both parties. In the role of the home buyer, you may wonder whether or not you have made the right decision. On the real estate agent’s end, he or she may be stressing the importance of the paperwork at hand, and getting everything done without delay and correctly. The process of closing the contract for the purchase of a home has several steps and can sometimes take between 30 and 90 days.

After establishing that you are financially ready to buy a home in Scottsdale Ranch Scottsdale AZ Real Estate, you and the seller will need to figure out a closing date. Make sure you know what fees will be added on to the total cost of the purchase price ahead of time. The closing date will be agreed upon with the lender, seller and closing agent as well. The document you sign concerning this will have to be notarized.

Next, the conditions of the loan offer will have to be met. If there were any building code or zoning regulations that needed to be complied with before the sale, these will have to be dealt with before closing. Sometimes the seller will agree to make these repairs for you. A investigation will then be done on the home’s title by the mortgage lender; this will guarantee that the property belongs to the seller and that there are no liens placed on the home.

Most lenders demand insurance be taken out on the title to again guarantee that the title is clean for Scottsdale AZ Realty. The insurance policy will be used to deal with any legal fees and loss if the title is not clear. There are two policies that are available to be purchased, one that protects the lender and another that protects you, the buyer.

You will learn that termites do play a role in the closing process. If a home is found with a termite issue, then it will have to be dealt with before the closing date. Termite problems can entirely obliterate a home, causing the lender to lose money. A certificate will be given to you that affirms the home is free of termites; this is then presented to the lender.

Another insurance policy will need to be taken out on the home itself, this time by you. This will safeguard you and the lender in the event of loss. You can either ask your agent or lender for recommendations or investigation for insurance companies on your own. It may also be a smart idea to purchase a homeowner’s warranty, which is similar to other warranties. If you are buying an older home, a warranty will help ensure that the property continues to be livable. If anything happens during the warranty period, you will be covered for repairs like plumbing and electrical.

After all of this is done, a final walk-through for inspection will be taken. It is a good idea to make sure if your contract allows you to see the house once again one day before the closing date, because much can change within 30 to 90 days. The seller will also allow you to tour the home and this occurs either before or immediately after the closing date. At this time, you should learn the numbers of the companies that have done work on the home, among them contractors, electricians, plumbers and roofers. After the last estimate is made for the closing cost, the deal will be sealed between you, the mortgage lender, broker and seller.

Other Steps to Take Following Closing

Following closing on your new property, you should make sure to forward all of your mail and have previous arrangements for your power, cable and telephones to be transferred to your new address. By taking all of the necessary steps and precautions, closing on a home can be a effortless, simple transaction.



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