Here at Close Happy®, we know that purchasing a new home is a very exciting, yet stressful ordeal. With so many steps to follow and hoops to jump through, it can be easy to lose track of everything that should be completed for a smooth real estate closing process.
That’s why we’ve outlined the 10 key steps to navigate you towards getting your title closed to ensure everything is handled promptly and accordingly for a smooth real estate closing.
If you want the most streamlined real estate closing process that uses digital e-closing to speed up your title closing and limit the number of meetings to schedule, reach out to our team of title closing experts at CloseHappy®
What Is Real Estate Closing?
A real estate closing is the last step in the real estate buying and selling process. Once an offer made by a potential buyer for a given property is accepted by the seller, a purchase agreement is made and a closing date is set. Once the title is closed, the property’s ownership is formally transferred from the seller to the new buyer, after which the buyer receives the keys to the property and has full rights to move into or renovate the property.
Ultimate Real Estate Closing Checklist For Home Buyers
Buying a new home involves multiple stages. The following are the common steps to expect, follow, and ensure are completed correctly during your residential title closing transaction prior to moving into your new home.
Step 1: Open Escrow
“Earnest money” goes to an objective third party until all terms are agreed upon and finances are cleared.
Step 2: Address Legal Issues
Get title insurance from a national title company and receive an inspection of the property and title for any contingencies and other title services.
Step 3: Negotiate Closing Costs
First, ensure you aren’t paying any unnecessary fees. Then, negotiate the splitting of the remaining closing costs between the buyer and seller.
Step 4: Home Inspection
Hire an inspector to check the property for any possible faults or needed maintenance and repairs.
Step 5: Pest Inspection
Checking for termites, rodents, and other pests are separate from the home inspection, but it is vital to have completed prior to closing.
Step 6: Lock Interest Rates
With the help of your lender, lock in the lowest rate you can receive before signing papers.
Step 7: Address Contingencies
Ensure all terms provided in the original offer have been met to your satisfaction.
Step 8: Final Walk-Thru
Walk around your potential new property one last time to be certain there is nothing that could violate your title terms.
Step 9: Down Payment
This cash payment will be made to escrow, and then later distributed to the appropriate party once the title closing is completed and all documents have been signed.
Step 10: Sign Papers
Officially claim your title and take the keys to your new home!
If you’re ready to begin your real estate closing process, contact us at Close Happy® to have your title ordered, receive comprehensive title insurance with in-depth inspections for any variables that could impact the credibility of your title, and a multitude of other professional title services.