Steps to Take When Closing a Residential Real Estate Sale
The closing process may appear daunting if you are selling a home for the first time. You just want to sell your house quickly, but there are a lot of steps to take and costs to pay before the deal is finalized. Closing on the house occurs when you sign the paperwork that makes the property yours. This process can be very difficult if you do not know what to do, but a real estate attorney can ensure you get the help you deserve.
What are the steps to closing on a house?
When closing on a house, some of the things that you should take care of are:
- Do a title search and obtain title insurance.
Your closing agent will request a title search, which is a search of public records to ensure you are the legal owner of the property. The title search should uncover any claims or judgments against the property. These issues must be resolved before the sale can proceed.
- Complete the home inspection
Although a home inspection is not required, many buyers insist on one to ensure no hidden issues with the property. The inspection will occur soon after you accept the buyer’s offer.
- Do not forget the lender appraisal.
The mortgage lender will arrange a professional appraisal if the buyer borrows money for the purchase. This is done so that the lender can be confident that the amount of money it is lending to the buyer is consistent with the home’s market value if the lender needs to take back the house. The appraisal is based on the estimated value of the home’s features and recent sales of comparable homes nearby.
- Final walk-through
Around 24 hours before closing, the final walk-through usually takes place. The buyer and their agent will review the property one last time to ensure everything is in working order.
- Finalizing the sale on the closing date
The closing date is the date on which the sale transaction is finalized. You will sign a lot of paperwork, including handing the deed to the buyer. Do not hesitate to ask your attorney or escrow agent questions about any documents you’re unsure about. You have the right to understand what you are signing.
Speak to an attorney today.
No matter what your questions are or what real estate issue you face, an experienced real estate attorney can help you. Schedule a consultation today and get the legal help that you deserve.