|
Whether you're purchasing your
first home or your fifth,
knowing what to expect when you
close on your new house can
reduce the anxiety that can come
with the home buying process. If
you’ve done your homework and
understand the costs associated
with buying and protecting your
home, it will not only ease your
stress — it can also save you
money.
The real estate closing
The real estate closing (also known as "settlement") is the official transfer of property ownership from the seller to the home buyer.
After getting a purchase offer accepted, the next question home buyers want to know is how long will it take for the transaction to close. Unless the buyers are paying all cash for the home, it is the buyer's lender who will determine the length of time required to process the loan and close.
A buyer and seller can agree to an earlier closing date in the purchase contract, but if the lender can't perform during that time window, it doesn't really matter which date is selected, because it's not going to close on the date the buyer and seller specify. It will close when the lender is ready to close.
Prior to your real estate closing, your mortgage lender should give you an itemized list of closing costs associated with your mortgage loan. This list is supposed to be all-inclusive, but sometimes it is not. Closing costs that are commonly "left out" of this list include: attorney fees (if any), tax adjustments, title insurance, gratuity, oil adjustments, and other real estate closing adjustments.If you receive a list of real estate closing costs with any of these items missing, ask your lender about them. Request a detailed list of ALL possible adjustments and fees you might incur during your real estate closing process.
The key to a successful real estate closing is to be informed and prepared. Maintain a list of anticipated closing costs, and compare it to the list provided by your mortgage lender prior to the real estate closing. Ask your lender if there are any other adjustments you should plan for, other than what's outlined in their list of closing costs.
Most lenders give accurate estimates for closing costs. But there are some lenders who do a less accurate job, and there's always the possibility for human error. Rather than accept the closing cost estimate at face value, dig deeper until you are confident the estimate you received encompasses all closing cost.
Contact
Me
I can help you with every
aspect of buying or selling your home because I’m
experienced, because I am a Better Homes and Gardens
Rand Realty Real Estate Professional . . .and because I
care.
As
your
Better
Homes
and
Gardens
Rand
Realty
Sales
Professional,
I
will
provide
you
with
the
information
you
need
to
make
an
educated
decision.
The relationship between a home buyer or seller and their agent is based on trust, shared goals and understanding. I strive to continually improve and to do this I listen and take the needs and wants into consideration.
For assistance with any of your real estate needs, please contact me, whether it's to get started on helping you realize your goals and dreams, or just to ask a question - no pressure, no hassle, no obligation - just a friendly conversation. I would welcome the opportunity to make a difference for you. |
