You made an offer on the northeast home of your dreams and the seller accepted your offer. However, before you can move in and make the house your own, you will have to get through the closing process. If you choose to hire an attorney specializing in real estate law to help with the closing process, that attorney will be responsible for making sure that all the necessary paperwork is completed and all costs are paid.
Here are some of the basic steps involved in closing on your home:
- Open an escrow account.
- Conduct a home inspection.
- Apply for a mortgage and wait for approval.
- Conduct a title search: A title search is essentially an in-depth investigation into the history of property to confirm the property’s legal owner. If the title is ‘clear’ of any encumbrances (e.g., liens or assessments), the sale may proceed.
- Prepare documents: Your attorney will collect the necessary documents to change the title and prepare title insurance.
- Prepare cashier’s check for negotiated final amount owed at the closing.
- Perform final walkthrough of the property.
- Sign all closing and loan documents on scheduled closing date.
The closing process generally takes anywhere from 45 to 60 days to complete, depending on several factors including the buyer’s financial status.
Once all the documents have been signed, the property title will be transferred over to you, and you can officially call yourself a homeowner. However, it is not uncommon to experience delays or problems during the process. An attorney can help make sure the process goes smoothly and that any issues that arise are promptly handled.