Seal The Deal

Seal The Deal
by

The grand finale. Once you have the keys, the house is yours. Your dream house is all on your hand. But after closing the deal, you should still take note and remember the important things you need to work on after closing a deal.

The closing process technically begins when you have signed a purchase and sale agreement. That agreement should specify a closing date. 

Walk through.

Most real estate sale contracts allow the buyer to walk through the home within 24 hours of settlement to check the property’s condition. During this final inspection, you and your agent will make sure that all of the repair work that the seller agreed to has been made.

During the walk-through, you should  double-check that everything in the house is in good working condition. Be sure to:

  • Test all the faucets and check for leaks under sinks.
  • Check the appliances’ condition.
  • Check the doors and locks.
  • Open and close all doors.
  • Run the garbage disposal and exhaust fans.

If anything is amiss, your agent will have to contact the listing agent and, negotiate to get the seller to compensate you at closing for the costs of fixing the problems yourself.  

Who will be your visitors?

Certain people will be there. Typically, you will be joined by:

  • Your agent
  • The seller
  • The seller’s agent
  • A title company representative
  • Your loan officer
  • Any real estate attorneys involved in the transaction

The closing usually takes place at the title company, attorney’s office, or the buyer’s or seller’s agent’s real estate office.

Closing fees often include:

  • The commission for both of the buyer’s agent and seller’s agent
  • Loan application fee
  • The appraisal fee
  • A fee for pulling your credit report
  • An underwriting fee,
  • A title search fee
  • Property taxes
  • A recording fee for filing a public land record with the courthouse

 


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