Purchasing a new home can be a stressful and time-consuming process which is why many people are eager to rush the last few steps in order to close as fast as possible. However, it is essential to the home buying process to go through the entire closing of the home, and Holland Homes Sales is here to help. Closing a home involves many moving parts so it is important to understand the steps involved in the process. This will ensure you are doing everything you can to establish a smooth transition from buyer to owner.
Forming a contract is the beginning of the closing process. When negotiating a contract, the buyer and the seller agree upon the price of the house and the conditions of the closing. From this point on, buyers usually have a month to prepare for closing.
Clear the title
A title is defined as the legal right to ownership of a property, in this case, a home. Before a title can be cleared, information must first be gathered on that title. During this process, issues such as liens and easements can be found. Once those issues are resolved, the title can then be cleared. This process verifies that the new owner is eligible to own the house.
Complete a home inspection
While a home inspection is not a vital step in closing a home, it is a useful option that will help you gain more insight into the state of the home. During a home inspection, an inspector will investigate the home and report any immediate problems that need to be fixed and any future issues that could arise. A home inspection can put you at ease, which can lead to renegotiations on the terms in the contract. A home inspection can also save you time and money down the line because the seller might be responsible for certain costs.
Once a home inspection is completed, you might want to renegotiate the terms that you already decided on when you started the closing process. Surprises can occur during the inspection and the closing process that can lead to drastic changes in expenses and repairs. This is why it is nice for the buyer to have the option to change the terms before it is too late.
Hire an attorney
Hiring an attorney during the closing process is not required everywhere; however, it is required by law in the state of Alabama. An attorney can facilitate the process and ensure that everything is handled properly. A real estate attorney can help you gather necessary documents, complete a home inspection, and negotiate closing costs.
While there may be some legal hoops to jump through during a closing, finding the right agency like Holland Homes can help guide you through these essential processes. Both the realtor and the mortgage company want you to buy the house. The regulations they put in place are only there in order to help you avoid making mistakes.
Gather documents as soon as possible
Paperwork is a major part of buying a home. The mortgage processor will inform you of the necessary documents you need to close a house. You can speed up the process by collecting the documents you need and organizing them so you are prepared to close. Start finding and filling out this paperwork early to ensure you will be prepared in time.
Set up escrow
Escrow is essentially where a third party is involved to protect money while the purchase of a home is being finalized. Home buying and accounts for taxes and insurance are two types of escrow you should be familiar with if you are planning on closing on a home. Although setting up escrow is not a necessary step, it provides protection and peace of mind which will be worth it in the end.
Like any part of the home buying process, closing on a home can be time-consuming. It might be hard to remain patient when you are so close to owning a home; however, patience is key to a successful closing.
We want to help you have a successful and stress-free closing process. At Holland Homes Sales, we are dedicated to helping you find your dream home. The Holland Homes Sales team is completely integrated with Holland Homes which creates a cohesive and seamless home buying process. Please contact us today to see how we can help you.