The San Diego Real Estate BLOG
Buying a Home #6:
Closing
Loan Pre-Approval: Obtained
Home Search: Completed
Dream Home: Found
Offer: Accepted
Escrow: Finalized
You’re so close. All the major hoops have been jumped through, and all of the major obstacles are behind you. You have made it through the escrow process and it is finally time to take possession of your new home. But as with all things in real estate, that is easier said than done.
This week on the San Diego Real Estate BLOG, we walk you through what to expect in the closing process, so that you can finally take move in and begin to make your house a home.
If you you missed the first few posts in our series on the home buying process, you can catch up here:
Buying A Home #1: Getting Pre-Approved
Buying A Home #3: Types of Escrows
Buying A Home #4: Types of Loans
Buying A Home #5: The Escrow Process
Gather Your Paperwork
At this point in the home buying process should now have a fairly thick “escrow” folder filled with all the documents you have been collecting throughout the course of your escrow. Now is the time to go over that folder and be sure that you have everything in order. Your closing agent (we’ll get there in a minute) SHOULD have all the necessary documents required for closing, but you have to be your own advocate and ensure you have all your proverbial ducks in a row, especially those documents from your bank that deal with your upcoming loan.
Schedule an Appointment with Your Closing Agent
A closing agent is yet another neutral third party, usually a title company officer or a lawyer, who will oversee your escrow closing and who will have prepared closing documents for you to sign. Your real estate agent will let you know who the agent is and how to go about scheduling a time to meet with them and sign the closing documents.
Sign Closing Documents
Be sure to have a good breakfast and arrive a bit early to your closing appointment because you are about to sing more paperwork than you even though possible. The typical closing appointment takes approximately an hour, and you will be signing paperwork virtually the entire time. Every closing is a bit different, so we wont’ go into details regarding specific documents, but make sure you pay careful attention to all documents that you sign, particularly those that pertain to your loan. While things like your interest rate and total amount of the loan may fluctuate over the course of your individual escrow due to certain relevant factors, be sure nothing has changed significantly, and don’t be afraid to ask questions if something seems off. Remember, the closing agent is a neutral third party and they want this to go as smoothly as possible for all parities involved.
Take Possession of Your New Home
While there are a few more steps such as recording of the sale with the county clerk and the actual exchange of money to pay off the previous loan (if any) and officially funding of your new loan that will take place “behind the scenes,” but as soon as you sign the final signature and it is recorded:
Congratulations, you now own your home. The Closing Agent will hand you your keys and you can begin moving in.
Conclusion
As always, a bit of due diligence on your part is always a good idea. Contact your bank within the next few days to ensure that your new loan is in place, and speak with your real estate agent to make sure any final loose ends are tied up.
We hope you have enjoyed our break down of the home buying process. Be sure to check back soon for the next BLOG in the series: Home Buying Mistakes to Avoid
While you’re here, you might want to check out our previous post on Hosting an Air BnB
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