Closing on Your Home

If you are involved in making the purchase of the home of your dreams, and if you are drawing nearer to the home losing process, you may be wondering what are some of the elements of the home closing process in this day and age.  By better understanding the home closing process, you will be able to make the purchase of a home far easier and even more enjoyable.

Final Walk Through

Even after all of the inspections have been undertaken, before you execute the final papers transferring the residence into your name and your ownership, you will want to avail yourself of one final opportunity to make certain that the property is in order.  The final walk through is an important element of the overall home closing process. 

By way of the final walk through process, you will be able to ensure that the residence in the shape promised pursuant to the sales contact and the agreement with the buyer.  When it comes to the final walk through, if there previously were defects in the property that had been identified and that were to be repaired or resolved, the resolution of these problems or defects can be examined.  You need to make certain that any repairs that needed to be undertaken before closing actually were completed as promised and in an appropriate manner. 

Finally, when it comes to the final walk through, if there had been some sort of more serious problem with the property that had been identified, you may want to bring an appropriate inspector or professional along for the walk through to make sure that the situation really has been thoroughly and appropriately rectified. 

Taxes, Costs and Fees

Taxes, costs and fees associated with the real estate itself and with the real estate sale normally need to be paid appropriately at the time of the closing.  The obligation as to who will be paying what (as between the buyer and the seller) can vary from transaction to transaction.  Therefore, it is very important to have these obligations spelled out in writing and completely prior to the time of the scheduled closing.  By having these obligations appropriately identified and set forth in writing there will be no confusion as to financial obligations at the time of closing.

Title Issues

Generally speaking, the period of time between the execution of the real estate sales contract and the closing is set aside in part to ensure that the title to the real estate subject to the sale is clear.  In other words, during this time period, the seller is obliged to demonstrate to the seller that the title to the real estate is clear, that there are no impediments to the title. 

If there is a “cloud on” or problem with the title, if the seller does not have clear title, it is incumbent upon the seller to resolve the problem prior to the closing.  If the title problem is not resolved, the purchaser is not obliged to close on the real estate contract.