The seller will review your initial offer and either accept it or make a counteroffer suggesting a different price or terms. You can then decide whether to accept the counteroffer or continue negotiations with another offer. When an offer is made that both parties find satisfactory, the offer will be accepted and you will move forward towards closing. Contracts often become legally binding once an offer is accepted but, real estate contract law does vary somewhat by location so it may be wise to research the basic legalities of this process. The due diligence period may begin once the offer is accepted.
Get a Home Inspection:
Either before or during the due diligence period, make sure to get a home …show more content…
There are many documents to review and finalize relating to your loan and the transfer of the property. Some forms you may see include the promissory note, deed of trust, HUD-1 settlement form, and warranty deed, among others. Make sure to carefully read each of these documents and check for errors. It is much better to delay closing to fix a mistake than to have to worry about it later. Leave plenty of time in your schedule to handle this process and do not rush. This is a big investment and you will be glad you gave it your full attention.
Closings are handled somewhat differently depending on where you live. Most likely, your contract will specify who handles the closing, usually the escrow officer, an attorney, or other third party. You may see the seller at closing or you may not. Be sure to ask your realtor or attorney if they can be present at the closing to help you understand everything.
Things to Bring With You
In order to make sure the closing process goes smoothly and without delay, bring all required documentation with you. Most likely, the closing officer or your realtor will give you specific instructions about what to bring but you should at least anticipate the …show more content…
The lender will review and, hopefully, approve the documents, usually within a few days. At this time, your loan will be funded and the escrow officer will record the necessary documents with the register of deeds and close out the escrow. Escrow is closed out when all funds are disbursed to the rightful parties and all documents are finalized as required. Only when this process is totally complete is the sale truly finalized. Usually, you will receive the keys to the house and take physical possession after closing is