You’ve made it. You’ve found the right house, negotiated the right price, and all that’s left to do is sign on the dotted line. Residential closings represent a hard-won achievement for all involved.
To ensure smooth sailing to the finish line, here are four things to know about residential closings:
- Buyers have the right to a final walk-through. After all the inspections, agreed-upon preliminary repairs or improvements, and the seller has moved out, the buyer can take one last look at the property before sealing the deal. This ensures that the property is in the expected condition and protects the buyer from any surprises after they get the keys.
- Timing matters. During a real estate deal, numerous inspections, loan approvals, and other necessities must be completed before the deal is done. These tasks need to be completed in a timely manner to ensure a smooth residential closing. Real estate agents can help both buyers and sellers complete all the necessary preliminaries, so they are all ready to sign on the dotted line.
- You can prepare for closing costs. Closing costs can seem like a vague catch-all tacked onto residential closings, but they should be clearly spelled out and made available ahead of the closing date. If you are working with a real estate attorney, they can ensure the closing costs are fair and clearly stated before you seal the deal.
- Yes, there will be paperwork. Residential closings involve more than just handing over the keys. They are made valid by legally transferring ownership of a property from the seller to the buyer, which will involve considerable paperwork. Paperwork will include, but is not limited to, signing over the deed, the bill of sale, and mortgage documents.