If you've found the perfect property in the Atlanta suburbs or somewhere else in the Peach State, you don't want anything standing in your way. Even the prospect of a bidding war has you nervously looking at alternatives. But if you're prepared for a real estate closing, a lot less will create an obstruction for your plans.
- When does an actual real estate closing happen?
After a bid has been accepted by the seller, a buyer must secure a mortgage. This usually requires a complete disclosure of a person's financial background, including recent tax returns and pay stubs to prove income sufficient to handle a monthly payment. A borrower will also need to find a carrier for homeowner's insurance and possibly other requirements.
- How is a closing finalized?
Buyers may request a title search in the Georgia jurisdiction for the property to insure no tax liens or assessments that prevent the sale. Title insurance may also be required by the mortgage provider. A final walkthrough is scheduled to be sure that the property is the one represented by the title and it is in the agreed condition. The buyer also must transfer the required funds to the seller.
- Who can help with the closing process?
A real estate agent often helps with locating the property and representing the buyer or seller during the purchase process. An attorney may be an invaluable ally to buyers preparing to close on a house or condo. Legal representation may be useful even when buyers have done their homework and feel prepared going into the closing.