After the home inspection, some buyers feel that they are on cruise control until they reach the closing day. Unfortunately, not staying tuned into the home buying process could mean a last minute surprise that derails the purchase of a home. To help make sure you are properly ready for closing, here are some mistakes that others have made that you need to avoid.
Failing to Review the Closing Documents
The day of your closing should not be the first time that you see the documents that you are required to sign. Although some documents are not ready until that exact moment, most of them are ready days ahead of the closing. You need to review those to ensure they are accurate. If not, the closing could be delayed by the need to make corrections.
Meet with your real estate attorney a few days before the closing. If you do not understand the documents, ask your attorney for clarification. If there are terms you do not agree with, your attorney still has time to renegotiate and ask for changes to the documents without a delay to your closing.
Not Knowing the Closing Costs
On closing day, you will have to pay a number of fees before you can take ownership of the home. Unfortunately, many home buyers find themselves ill prepared to do so. To avoid this, you need to know ahead of time all of the fees that must be paid.
There are a number of fees that come with buying a home. Not only do you have to pay your down payment, but you also need to pay fees for underwriting the mortgage loan, appraisal costs, and credit report costs. You even have to be prepared to pay for the title search and insurance.
Skipping the Final Walkthrough
If the last time you have seen the home you are buying is immediately before or after the inspection, you could be making a mistake. You need to conduct a final walkthrough of the home within the last couple of days before the closing. There are several reasons why this is important, but the most is that you want to ensure that the home you are buying is in the condition that you agreed to.
Any changes in the condition of the home will need to be addressed before signing on closing day. Your walkthrough needs to be thorough. If there are problems, call your attorney. He or she can contact the seller and his or her real estate agent to address the problems that were uncovered.
Speak with a professional such as Adamek J David to learn more.