Even as you start shopping for homes and get quotes from real estate agents, you must not skip the opportunity to learn more about the closing of homes. For first-time home buyers, be sure to stay informed about every part of the process. The real estate closing of homes process is more like a settlement wherein the ownership of the home moves from the seller to the buyer. Wondering how long does it take to close the deal? Well, the length of the process varies based on different situations.
closing of homes is one of the biggest deals and gets you the keys to your dwelling place. Here are the steps to follow to complete closing the deal easily.
1. Choose the real estate attorney
To closing of homes deal, you may require a closing agent or a real estate attorney. While the closing agent furthers the process of signing documents by both parties, they also verify the seller and ensure that they meet the terms of the purchase agreement. On the other hand, several states require hiring attorneys. Accordingly, you must hire a real estate lawyer Kelowna to prepare the documents and complete the process. As real estate laws keep changing all the time, you must discuss with the law practitioner to make sure that they represent your legal interest appropriately. Start with recommendations from people who have had a pleasing experience with the lawyer.
2. Getting a home inspection (closing of homes)
Once you decide on the property you want to buy, allowing a home inspector to tour the house inside out eliminates the chance of the property being inspected with pests. Even if the property reveals a minor issue regarding pests or termite infestation, you need to deal with the problem first before closing of homes. Why don’t you have a heart-to-heart talk with the real estate lawyer Kelowna BC to know when is the right time to move on with the closing?
3. Chances of re-negotiation
When the property you decide to buy becomes infested with issues, you can re-negotiate the price when the seller refuses to oblige to make up for the repair costs. However, do not leave the opportunity to ask your seller to reduce the prices of the home. If the repair costs are significantly higher and the seller is not ready to budge, you have every right to come out of the deal.
4. Complete the mortgage process
Do not miss going through the mortgage application and the approval to make sure you get the income and bank statements, and the latest tax returns. You must insist on getting the preapproval even before you shop for the closing of homes to expedite the final approval process and fix the rate of interest on the mortgage. Besides, you must also receive the loan estimates; know the closing costs and the estimated payments.
5. Organize the documents
Taking stock of the documents required during closing of homes ensures that you and your lender are ready for the process. Moreover, it is easier to find the forms and send them to avoid holding up the process. You can create a checklist of the documents but let the real estate lawyer BC supervise the matter and verify the list so that you do not miss out on the things at the last moment. Apart from this, the lawyer needs to review the closing disclosure document and compare it against the loan estimates to ensure that there are no discrepancies.
The seller’s document must also be reviewed thoroughly to detect red flags. Try to get as much information as possible to ensure that the home is worth your time and money. During the closing process, a title search is also needed to ensure that the seller is the sole owner of the property and liable to sell it.
6. Getting homeowners insurance
The buyers need to get the homeowners’ insurance plan for the new home and produce proof of this copy just before closing. Wondering how much you need to pay to get the plan? The features and the condition of the house determine the cost of the insurance plan. Try to get a confirmation from the real estate lawyer Kelowna presiding over the deal for the best results.
Your home buying process need not be too complicated or seem fictitious. As far as the closing process is concerned, you need to get in touch with Peter Borszcz from BC Real Estate Law, the best real estate lawyer in Kelowna to help you navigate the obstacles of the closing process.