If you are buying a home, you might be wondering what happens during the closing process. The closing process is the final step before you get the keys to your new home.
Here are some things you should know about the closing process from the buyer’s perspective.
The closing date is usually set in the purchase agreement and can be negotiated between the buyer and the seller. It typically takes 30 to 45 days from the date of the purchase agreement to close on a home.
Before the Closing Date
Before the closing date, you will need to complete some tasks, such as getting a home inspection, securing your mortgage financing, obtaining homeowners insurance, and doing a final walk-through of the property.
On the closing date, you will meet with the seller, their agent, your agent, and a closing agent or attorney at a title company or an escrow office. You will sign various documents, such as the deed, the bill of sale, the mortgage note, and the settlement statement.
You will also pay your closing costs, which are fees and expenses related to the transaction. Closing costs can include appraisal fees, loan origination fees, title insurance, recording fees, transfer taxes, and more. Closing costs can vary depending on your location, loan type, and lender, but they usually range from 2% to 5% of the home’s purchase price.
After Closing Duties
After you sign all the documents and pay your closing costs, you will receive the keys to your new home. Congratulations, you are now a homeowner!
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