Whether it’s your first time or fifth time, the process for purchasing or selling a home can be daunting. At Town Square Title, we believe our ability to provide exceptional service to our clients sets us apart from our competition. One of the ways we do this is by making certain that the customers we assist know what to expect every step of the way.
Prior To Closing Day
Prior to the actual day of closing, there are certain matters which must be addressed. These include:
- Apply for and Obtain Financing: For purchasers, if you are one of the lucky few who are able to pay cash in full for your home closing, congratulations! This is one part you are able to skip. For all other homebuyers, obtaining financing is a huge part of the process. You will need to secure financing for the amount you need to complete the transaction through a lender.
- Proof of Insurance: Lenders will require that a new purchaser have insurance on the property. You will need to obtain the insurance prior to closing.
- Home Inspection: A home inspection is also required by lenders, which the lender will order on new construction. But for resale homes it is a good idea to have a home inspection even if you are paying cash. An inspection can reveal any hidden defects.
- Home Appraisal: A home appraisal will ensure you and the lender of the value of the investment.
- Establish Utilities & Services: The purchaser will need to contact local utility and service providers. This will ensure they will be transferred to the homebuyer’s name. The seller will also need to contact any service providers prior to closing to inform them that they are selling the home.
- Obtain & Review Closing Disclosures: The lender is required to provide home buyers with an Initial Closing Disclosure a minimum of three days prior to closing. The closing agent will then finalize all fees and once all documents have been approved, the lender will provide the purchaser with a Final Closing Disclosure. These disclosures are a breakdown of all fees, costs, and loan information pertaining to the closing.
- Balance Due: Once you receive the Final Closing Disclosure, the purchaser will need to obtain the balance due. This can be done by having the balance wired to the closing agent. These funds must be received by the closing agent for the closing to take place.
On Closing Day
The day you have waited for is finally here! After arriving at the closing agent’s office, you can expect to be greeted by your Closer and can anticipate the following:
- Execute Loan Closing Documents: The purchaser will be presented with an abundance of documents to review and sign at the closing. The closing agent will present these documents to you. For a preview of what to expect, see our First Time Homebuyer Tips.
- Seller Executes Deed: A deed is the document signed by the seller which actually transfers ownership of the property from the seller to the purchaser.
Contact Town Square Title Today
Contact us today with any questions you may have regarding the closing process. We look forward to hearing from you.