Your Guide To Closing On A Home
Making the choice to buy a home is a big step. No doubt you’ve put a lot of thought into how much you can afford, what type of house you want, what neighborhood you want to live in. You’ve searched the ‘for sale’ ads and broker listings, and looked at tax rates, school districts, and zoning laws. It can be thrilling to finally find your dream home, make an offer and have your offer accepted, but the process of buying your home isn’t over yet, as now you must get through the closing. Knowing what’s involved in closing on a house can make the process go a lot smoother, and help you to get into your dream home quicker.
Preparing for Closing
Once the seller accepts your offer, and your mortgage application is approved, the countdown to closing on your home begins. Closing on a home is sometimes referred to as settlement, and basically it’s the point in which the title to the property is transferred to the buyer, and the mortgage is given to the lender by the borrower.
You’ll need to select a settlement agent to prepare the documents for closing; an experienced real estate attorney. We at Cavallo & Cavallo represent both sellers and buyers and are also settlement agents for most major lenders.
Closing On Your New Home
This is the day you’ve been waiting for; the property will be officially transferred to your name, and you’ll get the keys to your new home. You will most likely perform a final walkthrough of the property before this day, just to make sure everything is in order. Closing will usually occur in your attorney’s office or the office of the lender’s attorney. You will sign a number of documents and pay the agreed upon price for the home, and your lawyer will have a closing statement, breaking down all the costs and fees associated with the transaction. Once you have signed the necessary documents, the money is transferred, and you receive the keys to your new home.
Contact Our Experienced Real Estate Attorneys
When selling your home or purchasing a new one, every detail is important. At Cavallo & Cavallo, our experienced New York real estate attorneys can help guide you through every step of the selling and buying process. With offices in the Bronx and New Rochelle, we handle all sales and purchases in all 5 Boroughs of New York City as well as all of lower Westchester County.