Many first-time homebuyers and sellers are surprised to find out that the closing process is not as simple as it may seem. From the paperwork to the payments, what exactly goes on during an Observatory Park closing? Here’s everything you need to know:
What Happens Before the Closing?
Prior to closing, the seller should allow you to walk through the property to ensure that nothing has changed since you last saw the home. This is especially important for buyers who have asked the sellers to make simple repairs on the home before closing. Now is the time to check that these repairs have been made and there are no further issues that need to be addressed.
Your real estate agent should provide you with a copy of the HUD-1 settlement statement before the actual closing as well. This is given to you ahead of time so that you can thoroughly review it before agreeing to legally purchase the home. For first-time homebuyers, these statements can be quite confusing. It’s always best to sit with your real estate agent and go through the statement line by line to clear up any questions you may have.
What Happens on Closing Day?
Congratulations, you’ve made it to closing day! Only one more step until you officially become an Observatory Park homeowner. When you plan the date and time for your closing, be sure to set aside a few hours. Some homebuyers mistakenly believe that a closing takes a few minutes, however it can actually last hours. Plan to bring along your driver’s license, settlement statement to compare to the final document, a cashier’s check or proof of wire transfer, and a trusted friend for moral support or advice.
In most closings, the buyer and seller will be there along with their real estate agents. It is essential that these agents tag along in order to read over every document that you are asked to sign. So, what takes so long? Paperwork. Buyers will be asked to sign dozens of documents that deal with finances and ownership of their new home. During a closing, the buyer will settle any outstanding fees including escrow payments or closing costs that may be due. Remember, these fees were described in the settlement statement, so there shouldn’t be any surprises on the day of closing.
Once everything has been signed, you will walk out of the meeting with keys to your brand new Observatory Park home.
Now that you’re the proud owner of an Observatory Park home, don’t forget to turn the lights on. Many new homeowners forget that they are in charge of transferring utilities into their name to ensure nothing gets turned off. Be sure to also update your mailing address with your bank, insurance company, employer, and DMV.
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