What to Expect When Closing on a Home

The home buying process takes at least thirty days from the moment the house goes under contract to you have the keys in your hand. There are several things that happen during the closing process. Here’s a brief expectation when it is time to close on your home.

Closing Disclosure

If you plan to use a home mortgage to buy the property, you need to look over the closing disclosure. Even cash buyers have a closing disclosure document. Final closing costs, fees, charges and loan terms are commonly found in the closing disclosure document. While a real estate attorney Austin TX is not necessary to review the documents, it may bring you peace of mind to have someone with that experience to carefully review these documents. The last thing you want is to pay thousands of unnecessary dollars because you don’t understand the fine print.

Closing Documents

You can request the final closing documents to read ahead of actual closing. Most closings in Texas happen 30-45 days after the contract is put on the home. The title company has created the documents prior to closing once the title research has completed. Thoroughly review the documents and all final numbers. Make sure they match with what you have heard from your mortgage company and real estate agent. The interest rate, terms and loan amount should all match what you already have.

Final Walk-Through

Make sure you do a final walk-through on the property whether it is a brand-new home or a historic home. You want to make sure the current owner has not made any changes prior to closing. They should have everything in order and ready for you take ownership. Unless the owner has made other arrangements, all agreed-upon repairs should be completed by closing.

Closing Day

Bring all required documents including your picture ID to closing. The title company or notary will go over the documents and have you sign and initial along the way. Once the legal documents are completed, the money and keys transfer and the home is yours.

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