Step #10 — Closing
The easy step-by-step tutorial designed to make home-buyers knowledgeable and confident.
Welcome to week ten! The final chapter in my step-by-step guide designed to make anyone feel confident while buying a home. Today we will go over closing on a property. If you are ready to close it means you’ve house hunted until you felt that intuitive nudge indicating that this is home. You’ve gone through the process of submitting an offer, gaining acceptance, and opening escrow. Now it is almost time to break out those dream home boards on Pinterest!
Are you excited? You should be, closing on a property is a huge accomplishment. However, before you start putting all your belongings into boxes there are a lot of things to prepare for. Take a gander below, and if you are a visual learner see how I break this all down in my video.
Closing: It’s In The Details
Prior to getting the keys to your new home, you’ll want to make sure you are all set to sign your closing docs (these include your loan documents and escrow closing papers). Escrow will contact you to arrange a signing date and time, either at the escrow office or via a mobile notary who will come to your office or a location of your choosing.
Before you sign your loan documents, you will be responsible for getting a home insurance policy. You want your policy to start on the day you close, but don’t feel overwhelmed, your lender and escrow agent will prepare this for you. When it comes to your home insurance policy, you will be able to choose whether you pay monthly or upfront with your closing costs.
Speaking of closing costs, there are specific charges associated with closing a real estate transaction. Each property is unique, which means each purchase is as well. Some common closing costs can include taxes, title insurance, and appraisal fees to name a few. The closing costs tend to add up quickly, so ask escrow or your lender to go through them with you before hand so you can have your funds ready to go.
Another step in the closing process is your final walk through of the property. Your agent will book your final walk through a few days before you close. This will be your last chance to see the property and make sure all the repairs have been done and/or the property is in the same condition as you saw it during inspections. Your agent will also order you a ‘Buyers Home Warranty Plan’ which is usually paid by the seller and covers your appliances for the first year you move in.
Finally, you will also want to order movers a day or two after your scheduled closing date, and contractors to do any work you may like. Remember, you need to turn on your utilities the day you close to ensure you have power when you move in.
After you wire your downpayment, and the lender funds escrow it may take up to 24 hours to fund and record the close of sale with your county. In Los Angeles it takes one extra day to record with the county, but in Orange County it can fund, close, and record all on the same day. Once the transfer of title has been recorded with the city, you are ready to pick up the keys to your new home!
CONGRATULATIONS! You may not have closed on a property (yet), but you just closed the final chapter on this tutorial. How does it feel to know that you took the time to educate yourself on one of the best investments you will make in your life: your home.
Before you go, I’d love to ask for a favor. Would you let me know how this tutorial helped you? I designed my guide to be an interactive experience. That means that each concept I broke down was because someone like you was brave enough to ask for more information. My goal has been simple: to help buyers feel confidence and educated during the home-buying process.
I would love to hear what you learned, and if there is anything I could make clearer in the future. Don’t hesitate to reach out, this guide was designed for YOU the buyer, and I truly want you to get as much out of it as you can.
The best way to get a quick response is to comment on the YouTube video featured above or reach out on social media here.
Tune in for more tutorials coming soon…
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Looking forward to seeing you again soon!
-Lauren “Glasses” Biedenharn
