Buying a new home is one of the biggest purchases of your life. Yet many people turn up to close on a home without proper preparation. Think about how many hours you spent watching airbag comparisons on YouTube motor channels before deciding which car to buy. Or how many different reviews you read before ordering your four-slice toaster with an improved crumb tray. Purchasing a home warrants much more research and preparation as the consequences of getting it wrong are much more costly.
These are some ways to ensure closing on your new property goes as smoothly as possible.
- Contingencies: Work through them all, ensuring they are resolved.
- Money: There is little point dreaming about how you will furnish your new home if your lender refuses to give you a mortgage for the necessary amount or if they have increased the lending rate since you talked about it. Make time to read and understand your closing disclosure.
- Title: Ensure the title to the property is clear and without any disputes.
- Final walkthrough: This is your last chance to make sure you want to buy the property. Prepare a list of any specific things you need to check; otherwise, it can be easy to forget something.
- Paperwork: Make sure you have all the paperwork you will need for closing ready in advance. It will reduce stress on the day. You need your identification, homeowner insurance, inspection reports, contract copy and anything else your bank requires.
An attorney who works in real estate law can help you prepare for closing and ensure the day is a cause to celebrate, not commiserate.