Are you preparing to close on your new residence? Are you about to acquire a new real estate property? In today’s real estate market, everything is selling like hotcakes. Houses have been selling at prices higher than asking price and offers are even being made without even seeing the property first. If you are one of the lucky ones who has found their dream home despite the challenges of the current market, you are likely jumping for joy. As a real estate closing attorney in Miami, FL, we help to make sure the entire closing transaction goes smoothly. If you are preparing to close on your home, you will want to understand the steps to follow in the closing process.
Before you go through the closing process, you will need to perform a title search on the property. This search will indicate whether there are any liens, claims, or ownership issues with the property. When your search comes back with issues, you will need to resolve these issues before ownership switches hands to protect your financial investment.
A home inspection is a necessary part of any real estate transaction, as it provides you with a deeper understanding of the property and what it requires. A home inspection report will tell you any necessary repairs needed, the condition of the home and its structure, and any other things that may not be noticeable to an untrained eye.
After the home inspection, you can re-negotiate the price of the home based on the information presented to you. For example, if more repairs are needed than you expected, you may ask the seller to come down in price or perform the repairs before you move in. These are some of the factors to consider before you decide on the final price for the home.
Working with the bank is another essential part of the real estate closing process. Talk to your bank to ensure that your interest rate is locked in and that you can secure the loan to afford the payment on your new home. Also, you will want to arrange a check or money order for the closing date provided by the seller.
When you buy a new home, you can make contingencies that need to be met by the seller before you purchase the property. For example, you can set a contingency that you have to sell your current home before purchasing your new one. You can also set a contingency that makes the offer dependent on your interest rate. Contingencies need to be reviewed and removed before the closing papers are signed.
Before you sign your closing papers, you will need to go to the final walk-through of the property. This walk-through is your last chance to bring up any concerns about the property, ensure that all contingencies have been made, and address any of your issues. Be sure that you also check that everything in the purchase agreement is still in the home.
These are some of the main steps involved in the real estate closing process. When you are looking to ensure that everything goes well on closing day, contact our real estate closing attorney in Miami, FL to hear how we can help today.
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