Closing the Deal On Your New Home

It can take anywhere from 15 to 90 days to close on your purchase depending on the conditions and complexity of your contract. At the closing, the sellers officially turn over ownership of the home to you. Depending on your contract, you may not be able to take possession on the property until a later date, depending on the needs of the sellers and the terms of your contract. Before you go to closing, here are a few things to consider to avoid last minute snags or delays.

Schedule Your Closing Date
When you set the closing date be sure to make the date good for both parties and try to avoid any conflicts that might arise. If you are renting, try to time the closing with the end of your lease so you can avoid paying unnecessary fees. Also, be sure to leave yourself enough time to plan your move, or in some cases, sell your existing home. If you are planning to take possession on the same day, try to schedule your closing in the morning, so you can get started with your move.

Schedule Your Final Walk Through
To ensure that all required repairs and maintenance items have been completed, your Realtor will schedule a final walk through. Once you are satisfied that all the terms included in your contract have been completed, you can move forward with closing.

Estimate Your Closing Costs
Your lender is required to give you good faith estimates of your closing costs within three days of the loan application. You should ask your lender for an itemized list of all of the costs and ensure that they are all in order. Your closing costs can range from 2% up to 7% of the purchase price of your home. Be sure that you have a Cashier's Check for the total amount due at closing to avoid any delays. Your Realtor will be able to help you prepare all of your documents and give you the costs you need for your check.

On closing day, enjoy yourself. You are buying a home that will give you great memories and a place to call home. If you take care of all of the preparation necessary prior to the closing date, you will avoid the stress of worrying whether your contract will close. So let your Realtor help you through the process and enjoy yourself.

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