What to expect when you close the deal on a Raleigh home purchase
Once you find a piece of Raleigh real estate that you are interested in, you will need to make an offer. If the seller accepts your offer, then the next and last step in the process of buying a home in Raleigh is the closing of the deal. Understanding what to expect during the closing process will make this day much easier for you.
The Purpose of the Home Closing
The home closing is the legal process of transferring the title of a Raleigh real estate from its current owner to you, the buyer. It also involves the closing of the mortgage if applicable. The closing process usually takes place involves you, the seller, all real estate agents and/or any real estate attorney representing you or the seller. A representative from your lender will also be present.
What You Need to Bring to the Closing
Those buying a home in Raleigh need to bring several items with them to the closing. Although the closing process for each individual real estate transaction will be unique, here are some common items that home buyers expected to prepare before the day of closing. First, you will need prepare the money you are using to buy the house. Note that if you are buying with a mortgage, you will need to bring the funds for your down payment in the form of a certified check from your bank. You will need to bring proof of your identification. Finally, be sure to have proof of your homeowner's insurance. If you are using a mortgage to purchase your home, the lender will already have asked for proof of this, but it's a good idea to bring it to the closing as well.
What Closing Costs Will You Pay
The closing costs associated with buying Raleigh real estate, which are the costs that are on top of the sale price of the home, can be divided between you and the seller. However, you will be solely responsible to pay your lender the fees that are associated with obtaining your home loan. Also, keep in mind that in a real estate transaction, you will have to set up an escrow account, which come with fees as well. Other common closing costs include fees to record the deed, appraisal fees, attorney fees, title insurance fees, etc. These are minor costs that are usually paid in large part by the home seller. The largest amount you will need to pay at closing will be for your down payment.
What Happens During the Closing
Prior to your arrival, the closing attorney will have performed several different checks on the property, such as a title search. Also, the real estate attorney will have shown you the inspection report and will have requested any necessary repairs from the seller. You will have the chance to do a final walkthrough of the home prior to your closing date. All of this is done to ensure that the property is in good condition when you close on it and take possession. At the closing, you will sign documents concerning your mortgage and the transfer of the title, and you will be handed the keys to your new home!
Closing is the final step when you are buying a home in Raleigh. Once the closing process is complete, you should be handed the keys to your new home. All that is left is for you to move in and enjoy!