Finding you the perfect home to buy is only the first step. A lot of work occurs between the time that you sign the contract and the time that you get your new keys.
The most common contingencies are inspection, financing and the sale of your current home. These conditions must be removed or waived in writing before the sale on your new home can close.
Your lender requires a formal appraisal to confirm the value of the home you’re buying because it is used to secure the loan. The title report ensures that the seller has clear title to the property and has the right to transfer ownership to you.
Escrow service companies or real estate attorneys prepare documents that confirm the transaction, prorate funds, etc. A survey may also be ordered.
Both parties signed the closing documents and deposited their respective funds. Signed documents go to the lender for final review. The deed is recorded and funds disbursed. The seller receives the proceeds. While some time may elapse between the signing of the documents and the disbursement of funds, the sale is not actually closed until the the deed is recorded and the funds are available to the seller.
You get the keys to your new home and the moving van arrives!
There are many opportunities for surprises or delays in a transaction. Part of our expertise is in avoiding or fixing these problems. Please contact us at any time if you have questions or would like more information about the closing process.