Things to Know When Closing on a Home

Buying a home is both exciting and overwhelming at the same time. There are many things to do before closing on a home and it’s important to be well-informed so that no major issues delay your closing date. Before you pack your belongings and move in to your new home, be sure to complete the tasks mentioned below.

Complete all Contingencies

Contingencies are typically items that need to be taken care of before the transaction is finalized. Some examples of contingencies include a home inspection, mortgage financing, home appraisal, clear title, sale of home, etc. A home inspection and mortgage financing are common contingencies included by the lender whereas additional contingencies are generally added by the buyer.

Clear the Title

Another thing you’ll want to do before closing on a home is to make sure you obtain a clear title. A title company Jacksonville Beach can help make this process easy. Title companies conduct a title history to make sure you can legally claim ownership to the property. As the buyer, you have the right to choose your title company.

Review Closing Disclosure

The closing disclosure contains all the information you’ll need to know going forward, including interest rate, mortgage payment amount, closing costs and additional fees. It’s important to be well-versed on your closing disclosure to ensure that you agree with the specific policies and fees.

Conduct a Final Walk-Through

Right before closing on your home, preferably within 24 hours, it’s a good idea to do a final walk-through of the home. This is a good way to ensure that the home is in the condition you’re expecting and agreed upon and that the owners have vacated.

You can alleviate some stress during closing on a home by knowing what items you need to take care of. Some of these tasks include completing all contingencies, clearing the title, reviewing the closing disclosure and conducting a final walk-through.