If you’re looking to become a first-time homeowner, then you might need to do a little more research when buying a home. Doing research is a great way to get acquainted with the homebuying process. You can also hire a real estate agent to help you along the way. If you’ve already purchased a home and closing day is around the corner, then this is the perfect blog for you. We’ve broken down 5 things you should know about what happens on closing day. This way you’ll know exactly what to expect when the time comes.
1. When is the Closing Day Usually?
The closing day will usually happen when the title company gives out the title policy for the home. Some listing agents will require you to sign at their office, but don’t feel obligated to do so. This is usually just to benefit them in some way. Once all other steps in the homebuying process are completed, then you’re on your way to closing on the deal. Make sure that your title company can fax or email the necessary paperwork.
2. What Paperwork do I Need to Sign?
Speaking of paperwork, you’re probably wondering what you need to sign. Don’t get overwhelmed with all the paperwork because your agent will help show you what is most important. As a closer, you’ll have a buyer’s package to complete. You’ll work with your mortgage company and loan paperwork if you’re taking out one of those. Once all the lending information is complete, then you can sign the title documents. This will give you ownership of the property.
3. Where Will the Closing Process Take Place?
The closing process usually takes place wherever the listing agent or you suggest. There is a lot of paperwork to sign so as long as you can fax or email some of those documents then you’ll be good to go. Sometimes office are good places to meet, but it really is up to you and your agent.
4. Who Has to be Present on Closing Day?
There are several people that will probably be present on closing day when the deal is coming to its end stage. The buyers, sellers, both agents and a title representative could all be there for closing. It is possible to mail your documents so you won’t have to actually be all in the same room. The most important thing is that everyone is in agreement and the legal documents are all in order for the transaction.
5. Can I Move into my New Home Immediately?
This is a question that a lot of new homebuyers have. Which really makes sense because you’ll want to move into your new home and get settled as soon as possible. You’ll know the closing date when you first make an offer on the property. The exact time will be established once closing day gets closer. Usually the possession date is the same day as the closing day, it just depends on how everything works out when closing.
These are all things to know to prepare you for closing day. Mighty Peaks Realty can also make buying a home stress-free with our experienced real estate agents. Check out our site to see how we can make the homebuying process easier for you.
