Going through the closing process for the first time is – like many other aspects of buying your first home – a potentially daunting thing. In the settlement, the previous homeowner officially transfers ownership of the home to you. This includes a lot of potentially high-stress aspects, such as the transfer of money from one party to another.
But you can keep several simple steps in mind that can make the entire process as low-stress and smooth as possible.
Start with proper guidance
The framework discusses the steps you take when going through the closing process. They break the process down into doable steps, starting with hiring a real estate attorney. After all, it helps to have someone who knows the ins and outs of real estate on your side when going through everything. This helps you avoid preventable mistakes and other issues that would set you back with time and money.
Protect your assets
Next, get the right insurance. This can include title and homeowner’s insurance, the latter of which is often required before you make a purchase anyway. This will help protect you and your investment (the house) in the future, too, so it is overall a crucial component.
Meet the conditions of the loan, next. You can find all terms and conditions in your loan documents, and you will have to satisfy them with your lender before you can actually go through with the purchase.
Final steps should include preparing to move, doing a final walkthrough of the house, reviewing the closing disclosure and gathering all of your documents. This ensures you have everything you need and will not get tangled up in forgotten paperwork or items. After that, it is simply a matter of attending the closing, where you will get the keys to your new home.