What To Expect With The Closing Process

Posted on: 30 December 2020

The closing process is necessary when buying a house, but you might not know what to expect with it when buying your first home. If you want to prepare for this process, you will need to know what to expect. Here are several things to know about this part of the home-buying process.

When It Begins

The closing process is not something that occurs until you reach a specific point in your home purchase. First, you must find a house to buy and make an offer on it. Next, you must settle on an agreement with the seller. The seller might counter your offer, and you might counter theirs. When you both reach an agreement you can accept, you can begin working on the closing steps.

The Amount of Time It Takes

The next thing to understand is the amount of time it takes to close on a house. Most people can complete the required steps in around four to six weeks. Some people might be able to rush through the process and close faster. Others might require more time than six weeks. You will have some control with this aspect, but the seller and lender also play a role in it.

The Steps Needed for It

The closing process requires many steps. You will be responsible for some of the steps, while the seller might be responsible for others. The lender will also be hard at work completing various things during this time. One important step is the appraisal. The appraisal is necessary for the bank and you, and you might have to wait a few days or weeks to get this. You will also need to get inspections, and the lender will work on the title work of the home.

The Final Step

When all the parties finish their steps, the lender will proceed to the closing appointment. The closing appointment is the final step needed, and it serves two purposes. First, it transfers the home's title from the seller to the buyer. Secondly, it creates a binding contract between the buyer and the lender. Your real estate agent can help you prepare for this event, so make sure you work with them during this time.

Closing on a house is the process of transferring the title to you and acquiring the loan in your name. When you close on your new home, you can begin moving in! Talk to your real estate agent to learn more about it if you still have questions about closings or real estate.