Whether you are purchasing your first home or investing in residential real estate, the closing process is an exciting time. This process involves a buyer and seller signing the necessary paperwork to make the sale official. To ensure the closing process moves as smoothly as possible, it’s best to be prepared.
What to Do Before the Closing
Before the closing occurs, there are a few steps to take as a buyer:
- Conduct a walkthrough: You should do a walkthrough of the property to ensure repairs have been made or that the property is ready for new ownership. If any difficulties arise, the closing date can be delayed. Make sure all parties are aware of the situation and can decide on the next best day for closing to take place.
- Have your payment prepared: Make sure you have an acceptable form of payment prepared such as a cashier’s check. Payment and fees will be paid for the property during closing.
- Bring proper identification to your closing appointment: Be prepared to bring your identification such as a driver’s license or passport for filing purposes.
What to Expect During Closing
During the closing meeting, you’ll be signing legal documents related to the property. These will differ between buyer and seller. As a buyer, you will sign an agreement between you and the lender (if you are seeking a mortgage). There could be a few parties at the meeting depending on your needs, including a closing agent, the lender and your realtor. We also recommend you have an attorney present to represent you and your interests.
Your closing agent will ensure all necessary paperwork is signed and recorded and all payments will be paid and distributed to the right parties. Once all documents are reviewed and signed, the closing process is complete.
Don’t Go Through the Residential Closing Process Alone
It’s in your best interest to hire an attorney to represent you during the closing process. Your attorney will ensure all paperwork is complete and that any situations that arise before or during the closing are taken care of. To learn more about the residential closing process in Dallas, Texas, reach out to us at the Lonergan Law Firm P.L.L.C.