Once your offer has been accepted, the closing process begins. Here are some of the typical steps involved.
Home inspection - most property sales are contingent on the result of a home inspection, which is paid for by the buyer. The inspection typically occurs within 10 days of offer acceptance, and includes a review of the homes exterior elements like the roof, siding, trim and windows, as well as kitchen and bathroom fixtures and appliances and major systems like heating and cooling, plumbing and electrical.
If defects are discovered during the inspection, you may exercise the remedy described in your offer or negotiate with the seller to determine what repairs will be made.
Title search - this is a historical review of all legal documents relating to ownership of the property to ensure that there are no claims against the title of the property. It is also recommended that you purchase title insurance in case the records contain errors or there are mistakes in the review process.
Appraisal - as a standard part of the mortgage process, your lender will order an appraisal report to ensure that the loan will be guaranteed by the homes value.
Final walk-through - if it’s requested in the contract, you’ll be given the chance to look at the home to make sure it’s in the same condition as when you signed the sales agreement.
Closing costs - In addition to your deposit and down payment, there are a variety of other costs involved in closing including:
o Loan origination fees, Appraisals, Surveys and Inspections o Mortgage Insurance o Hazard Insurance o Taxes o Assessments o Title insurance, Notary, Escrow Fees, Recording fees and Stamps
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