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What You Should Know About Closing on Your Lowry Real Estate Purchase


August 8, 2018

You finally found your own little piece of Lowry real estate to purchase. Now it’s time to prepare for the final piece of the homebuying process—the closing. The closing refers to the process of transferring property from one owner to another. It includes several items, culminating in a meeting—usually at the title company or a bank—where you’ll sign all the paperwork that finalizes the deal.

Here are some of what you should know as you get ready for that final meeting.

Staying Organized

When you work with a real estate agent who is part of Elevation Realty, you can count on him or her to keep you organized during the process. Your agent will keep you apprised of your to-dos and when you need to do them. Here are some other ideas for staying on track while you wait for your final closing date: 6 Tips for Staying Organized During the Home-Buying Process.

Earnest Money

Within a few days of acceptance of their offer by a seller, a buyer will deliver earnest money to a title company, where it will be held during the transaction. This is also called a good faith deposit, and the amount is usually equal to 1 to 3 percent of the purchase price of the home. This money will be applied to the sale during the closing.

It is important for buyers to realize that this money is generally not refundable, so if they decide to back out of the deal for any reason that is not listed as a contingency, they will not get this money back.

Contingencies

This brings us to what exactly a contingency is—parts of the deal that must be fulfilled before the closing can happen. For example, many times a deal is contingent on whether the home passes an inspection or it is contingent on whether the buyer can secure financing.
Inspection

A home inspection is usually ordered by buyers so any major issues with the house can be identified before closing. If something is found, such as a problem with the roof or HVAC system, the buyer might negotiate a lower purchase price or ask that the seller pay for repairs before the deal closes.

Appraisal

Most homebuyers don’t have the cash to purchase a home outright, so they will need to obtain a mortgage. If the value of the home—the appraisal amount—is less than the amount of money a buyer needs to borrow to buy the home, the buyer can back out of the deal or a negotiate a lower purchase price.

Are you looking for a new home? Take a look at our current listings, both in the Lowry area and others across metro Denver. We can also answer your questions about the closing process.

If you’re looking for Lowry real estate, Elevation Realty can help. The Lowry area is great for single people as well as families with its variety of different types of homes, most of which are highly energy efficient. Lowry is also convenient: It’s a quick drive from the area to downtown Denver, and there are myriad bike trails connecting this community to others in the metro area. Contact the Elevation Realty team when you are ready to find your dream home or give us a call at 303-579-3566 to begin your search.
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