Buyers who are preparing for the closing of their home likely feel a mix of excitement and fear. This emotional rollercoaster is completely appropriate for the situation. Afterall, this is often the biggest financial transaction of our lives. Thankfully, there are some steps we can take to help better ensure the process goes well and mitigate the risk of any surprises after the closing process is complete.
#1: Put together a list.
It is very helpful to have a list to guide you through the process and make sure you get all the documents you need. This checklist should include any applicable contingencies to make sure they are addressed before you move forward with closing. This can include an inspection, home appraisal and final walkthrough.
#2: Review the paperwork.
It is generally possible to review the paperwork prior to the closing. These forms are often heavy on legalese. You do not have to go through this on your own. You can hire legal counsel review the documents on your behalf and then discuss them in terms that make more sense. This can save you time as the real estate attorney will represent your interests and should point out any concerning provisions within the paperwork.
This can provide an opportunity to negotiate new terms and get real estate contracts that better protect your interests.
#3: Prepare for potential issues.
Granted, those who hire legal counsel reduce the risk of these issues, but it is still wise to have a basic understanding of what could go wrong before walking into the closing. Hurdles that slow down the closing process can include problems with financing, issues with the appraisal or a problem with the property’s title.
It is also possible the seller will try to get out of the deal. They could have gotten a better offer or simply changed their mind. In either case, the language of the contract will help determine your remedies in these situations.