Are you prepared for your real estate closing?

On Behalf of | Jul 22, 2020 | Firm News

Buying a home is an exciting step in any Georgia resident’s life. You may have felt like it has taken forever to reach the point when you are ready to close on your home, and the process of getting approved for your mortgage loan and providing all the necessary documentation can certainly take a long time. Now, the day of your closing is fast approaching.

It is wise to want to prepare for your closing as well as possible. You may have a vague idea of what to expect, but it may benefit you to gain more information on what will happen during your closing meeting.

Closing the transaction

A real estate closing is the last step in transferring ownership of property from one party to another. At this meeting, you and your real estate agent as well as the seller and his or her real estate agent will likely all be in attendance. You will have numerous documents to sign, as will the seller, to effectively transfer the ownership of the property. At this meeting, a closing attorney is usually also present to oversee the process and to obtain signatures for all the necessary documents.

You may also need to provide closing funds at this time. This can include your down payment and any closing costs you agreed to pay. Commonly, one provides this payment to the closing attorney before the meeting to ensure that the funds are available, as necessary. After you have signed the documents and paid the closing costs, the closing process ends, and you become a homeowner.

Preparing beforehand

Though it may seem easy enough to simply sign your name dozens of times and provide the necessary funds for closing, it is important to remember that you should understand the documents you sign. Some overzealous individuals may sign papers without thinking about it simply because they are excited to be buying a home. Instead of taking that tactic, you may want to request the closing documents ahead of time so that you can go over them.

Because real estate transactions are legally binding affairs, you may want to discuss the closing documents with your chosen attorney to better ensure that you have all the information you need to feel confident at your closing meeting. If you have any questions or concerns, clearing them up before closing may prevent unexpected issues or misunderstandings.