Home Buying: Closing the Deal

So, you’re buying a house and the real estate transaction begins. It may be a lengthy process but you are just inches away from actually saying that the house is actually yours.  You need to know the necessary preparations that take place before actually closing the deal.

Preparation for Closing the Deal

After an offer has been made and it becomes a binding agreement, the following procedures may need to be done:

• Conduct a home inspection. It’s customary to have a home inspection to evaluate the structural integrity of a house. A licensed inspector will conduct a detailed analysis of the condition of the home and prepares a report detailing his or her findings. Based on the inspection results, the buyer can choose to request for improvements to be done prior to closing day.
• Get an appraisal.  An appraiser will inspect the home and verify if it is worth much more than the purchase price.
• Secure title insurance and a home insurance. This can protect the buyer and the lender from physical property damage and from future prior ownership claims that may arise.
• Title Search – The title company will conduct a search of legal records in order to identify if the seller has the legal right to transfer ownership of the property.

Closing Day

This is the moment that you have been waiting for. The closing day is where home ownership is legally transferred from the seller to the buyer. Both parties will need to sign the legal documents that will officially transfer title to the new owners.

The procedures are usually held at the lawyer’s or title company’s office. And a representative of the title company, called the closing officer, will lead the meeting and coordinate all the document-signing and collect all necessary payments.

After which, the house can officially be yours. Congratulations, you are now a homeowner.

If you or someone you know is buying a house, you need to acquire the services of an experienced attorney to help you with the legal documents.

Additional Legal Tools: Real Estate Lawyer Ned Kimmelman. Serving Clients in South Florida.

The information on this article is not intended as legal advice.