Buying a new home is an exciting venture for residents of North Carolina. Once you find the one, you can start making plans for the future. You should know what happens during the closing on your new house.
What is a real estate closing?
When you buy real estate, there is a closing on your new home. It involves the finalization of the purchase, including the transfer of ownership from seller to buyer. Closing can take several weeks to up to two months depending on various factors.
What are the steps of a house closing?
The first step in a house closing is to open an escrow and deposit funds toward it. You can do this through cashier’s check or money wired into an account within the required time frame required.
You must review and sign all of the documents you received for a loan on the house such as a mortgage or deed of trust and present the documentation of homeowners’ insurance and inspections.
Next, if you received a regular mortgage from your bank, credit union or lender, the lender will require an appraisal. This is to determine whether the sales price will have to be lowered to match the value of the appraisal. Only the lender can order the appraisal.
If the inspection finds that repairs are needed, you have the right to request those repairs be made. In some cases, you might be able to negotiate an extension on the closing date while waiting for the repairs to be done.
A North Carolina real estate closing allows you to choose the closing date on the home. You should also review all the paperwork at this point to ensure that everything makes sense and that you understand all the terms. Once that’s done, you can do a final walk-through. Signing the remaining legal documents and receiving the keys to the home make up the last step.
After closing, you can look forward to moving into your new home.