You’ve worked hard your entire life, saved money, shopped around and found the perfect family home. And the best part is, you can afford it. You are about to realize your home ownership dream. Congratulations!
A home purchase is a big deal – both financially and emotionally. You are investing in a home for you and the people you love most. As such, the last thing you want is to turn your homeownership dream into a nightmare.
While to err is human, you want to steer clear of the following missteps when closing a real estate transaction.
1. Signing the paperwork without reading through
Real estate transactions come with a load of paperwork. And each is important. As such, it is incredibly important that you read and understand what you are signing. Keep in mind that once signed, you will be bound by the stipulations of the closing contract. Therefore, the best way to avoid unpleasant surprises down the road is to read and understand every element of the closing contract before signing.
2. Failing to notify relevant parties about any changes in circumstance
From changing jobs to getting married (or ending a marriage), life’s circumstances are bound to change. And if they do, these changes in circumstance can impact your home financing and closing process. If you go through a substantial change in circumstance that can impact your finances, it is important that you notify your lender as soon as they happen.
Safeguarding your interests
Whether you are buying your first or fourth home, real estate closing can be a complicated process. Learning more about Massachusetts real estate closing and settlement process can help you avoid mistakes that can derail your home closing process.