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Buyers Real Estate Closings 101

The time has come; you’ve finally found a real estate listing within your budget, your offer has been accepted by the seller, and you are ready to make things official. While this process can be exciting, it entails a formal procedure that can be difficult to navigate without the help of a skilled real estate attorney. Whether you’re buying a new home to downsize, or you just need a change in scenery, Attorney Sean Robertson and Gateville Law Firm are experienced in real estate closings and can assist you in finalizing your purchase.

What is a Real Estate Closing?

The closing process is the final step in purchasing real estate that finalizes your purchase.  A closing date will be set during negotiations after the seller has formally accepted your offer. Closing is sometimes referred to as “settlement” and involves settling the appropriate documents and services within the transaction. During closing, the buyer will provide payment for the amount owed in the real estate transaction and the seller will then sign the deed for the property over to the buyer. There will also be an exchange of documents necessary to execute the closing.

In order to close you will need to bring the following:

  • Government issued photo ID
  • Approved cashier’s check
  • Proof of Homeowners insurance

How to Prepare

  1. Finalize the real estate purchase agreement

A real estate purchase agreement is a binding contract between the seller and buyer of real estate in order to transfer ownership. The agreement will be customized to suit your specific situation and property.

  1. Set the closing date

The closing date will typically be set during negotiations. Generally, many people schedule their closing date around 30 to 45 days after their offer has been accepted to allow ample time to complete that necessary steps.

  1. Schedule the appropriate home inspections

In order to ensure you are receiving property with no future hidden costs, you will have to schedule the necessary thorough inspections. Inspections will inform you of any major issues regarding real estate so that you can make an informed decision of whether or not to buy. These often include:

  • General inspection of the Property
  • Pests
  • Radon
  • Septic system
  1. Negotiate repairs

If the inspections show that there are repairs needed, you may be able to negotiate with the seller regarding who will pay for repairs.  Depending on the terms of the sale, the seller may or may not agree to handle the repairs, however, you may be able to cancel the contract if the results of the inspection are not compliant with the terms of your purchase agreement.

  1. Schedule a home appraisal

Your lender needs to schedule a home appraisal in order to evaluate the value of the property you intend to buy. A home appraisal will determine if the home’s purchase price is accurate considering its condition, location, and other aspects.

  1. Attain a loan approval (if necessary)
  1. Obtain homeowner’s insurance

Homeowner’s insurance protects you if accidental damage occurs to your home. If you are obtaining a loan to purchase your new house, lenders generally require you to purchase homeowner’s insurance as a condition of accepting the loan.

Required Documents

In order to close, you will need to sign the necessary documents, which include but are not limited to:

  • Alta Settlement Statement
  • Bill of Sale
  • Statement of Closing Costs
  • Statement of Information

What Happens After Closing

After closing, you will officially own the property you have purchased. Unless there is an agreement allowing the former homeowner to live on the property after closing, you will take possession immediately or shortly after closing. Closing will be completed unless you have designed post-closing agreements such as compensation for property taxes or other repairs unable to be completed prior to closing.

In order to ensure this process is handled correctly with your best interests in mind, it is a good idea to speak with a qualified real estate attorney. Attorney Sean Robertson and Gateville Law Firm can assist you with all your real estate closing needs.  Reach Attorney Robertson at 630-780-1034 or via email at Sean@GatevilleRealEstateLLC.com.

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Yorkville, Illinois 60560