The process of purchasing a home is exciting yet stressful. To enjoy a smooth and successful buying experience, it’s helpful to plan ahead for every part of the purchasing process.
Closing, also known as settlement, is the final hurdle before your new home officially becomes yours. It requires a meeting between the home sellers, buyers, and lawyers in order to sign documents that transfer property ownership. It is also the time to pay closing costs and escrow payments. These tips will help you enjoy a simple and stress-free closing on your new home.
Keep A List and Check It Twice
Since there are countless steps that must occur before closing day, such as a title search, home inspection, and document approval, and each component needs to be confirmed and approved before closing day arrives. Something as simple as one single missing document can delay or even cancel a closing, so cross every task off your list twice.
This includes reviewing loan documents in advance. You have the legal right to review your closing settlement statement at least one day before closing, which gives you the chance to ensure your settlement matches the good faith estimate you received at the start of the loan. If you will need to sign it on closing day, it’s wise to read it the day before and ensure that everything meets your expectations.
Obtain the Correct Form of Payment
Closing cannot be completed without the agreed upon payment, of course. Yet many buyers are so eager to sign their closing papers that they forget about the small detail of stopping at the bank! Most deals require a wire transfer, not a certified or personal check, in order to complete the closing process. Make sure you stop at the bank well before your closing appointment, just in case a problem or obstacle arises.
Give Yourself Plenty of Time
A smooth closing should take less than an hour, but problems or delays can arise. Don’t try to squeeze your closing into a lunch break or the last 45 minutes of the business day. Take a day off work if needed or arrange your closing for a day when you know you’re free. This will help you remain present and patient in the face of any issues.
Along with taking these precautions, it is critical that you partner with a reliable and experienced attorney to meet all of your home buying needs. The team at the Law Offices of N. David DuRant has been serving the residents of Myrtle Beach, South Carolina for more than 30 years with professional real estate support. Call (843) 279-2510 today to schedule your free consultation and learn more.