The Closing Process
When it comes to finalizing a deal for a home, whether you’re buying or selling you’re going to want to become familiar with the steps of the closing process. Only after an offer has been accepted, all inspections have been completed, and all financing matters are in order can a deal officially be closed.
What Goes Into It
When searching for a new home, you’re likely to accumulate a good deal of paperwork during the process. It is advantageous to keep these documents safely stored and organized so that you can bring them with you to the closing.
In this manner you’ll be most prepared to deal with any issues that may arise surrounding the terms of the deal. This is especially important when it comes to your proof of homeowner’s insurance and your copy of the housing contract.
As a buyer, you will also benefit from discussing with you lender how you’ll settle the down payment and handle any additional closing costs that are not covered by your loan agreement. This will help you arrive at the closing properly prepared to handle any differences between the estimated balance owed and the final amount.
How Long it Takes
Once you’ve willingly entered into a purchase contract, the amount of time it will take to complete the process will depend on the terms set forth within that contract. While it can vary from province to province, most processes can last anywhere from four to ten weeks.
What to Expect
Depending on the language in your purchase contract, you should be able to schedule a walk-through of the property you’re hoping to buy within 24 hours of the closing. As a buyer, this gives you a chance to ensure that the seller has fully vacated the property and the home remains in the same condition it appeared when you agreed to purchase it.
At the closing itself is when the buyer is responsible for signing the stack of legal documents related to the mortgage and transfer of ownership of the property. At this point, the buyer will also be responsible for handling the initial escrow payments for homeowner’s insurance and property taxes.
Both parties may have a representative from a title company or an attorney present during the closing. The real estate agents for both the buyer and the seller should also be present. On some occasions, a lender may be present as well, but the lender is typically only responsible for providing the necessary loan documents to the title company.
When the process is complete, you should have the keys to your new home in-hand, but you should also carefully file away the important documents that you’ll need to handle future tax returns, as well as anything that will be pertinent when, and if, you decide to sell your home in the future.
The process required to successfully buy or sell a home can be full of many inconvenient nuances. For many, it’s difficult to keep track of everything when you also have to worry about successfully packing for a move. That’s why you should always enlist the assistance of a quality real estate agent. Don’t hesitate to give the David Setter Real Estate Team a call at 1-403-243-1755 today!