You're finally nearing the end of your real estate transaction. You've negotiated on a fair price for your Erie home, signed a sales agreement, and now it's time to close on the property and transfer the title.
Congratulations! Now what happens?
Closing is the time when all accounts are settled, the new mortgage is signed, and all the fees are taken care of. Closing is also where intricacies of the entire real estate process come into play. But don't worry—we're here to help you navigate the closing process. Let's get started.
You've just met with the Erie home seller and the seller's agent, and perhaps with representatives from the title company and mortgage lender. It's time to get the title of your new home transferred over to you! Here's what you need to know about closing on your property.
The Date of Closing
When you signed the purchase agreement, the contract let you know the price and terms for the home you're buying, as well as the date and location where the actual property and house key transfer takes place.
During this time, the ownership of the home title will be checked in county and court records.
Reviewing the Home Inspection
Typically, between signing a purchase agreement and signing mortgage paperwork is the time for a property survey, home appraisal, and home inspection. This is when you'll learn about any damages or repairs that need to be done to the home and making sure you're paying a fair value for the property.
Review these reports with your agent to determine whether you want the home seller to make the necessary repairs or whether you want to buy the property as is.
Paperwork You'll Need to Sign
Be ready with your pen—closing on a home in Erie means you have to sign a lot of paperwork.
If you're financing the property, your mortgage lender will typically have you sign a promissory note that says you'll be personally responsible for paying off your home loan. You'll also need to sign a deed of trust, which is a security measure for the lender that gives the lender the right to sell your home if you cannot repay your mortgage.
Paying Closing Costs
When you meet on the scheduled date of closing, you'll be required to pay any fees and all closing costs in "guaranteed funds" such as a wired funds or cashier's check. Your lender or attorney will let you know exactly how much to pay at closing.
It's Time to Move!
Congratulations! The home is yours!
It's time to move everything into your new property in Erie.
Need a detailed moving checklist? Want to know more about what happens at closing or about the Erie home buying process? Find everything you need to know in our free Home Buyers Guide!
If you have any further questions about the home buying process, let us know by calling our real estate team at 814-866-8840.
You've just accepted to home buyer's offer to purchase your Erie property! Congratulations! So... what happens now?
After you've signed the sale agreement, you'll want to revisit the terms and conditions of your sales contract and closing costs. Don't worry; your real estate agent will help you prepare for closing on your home. Here's what you can expect during the home closing process as an Erie home seller.
Know the Terms & Conditions of the Sales Agreement
Selling your home rests on a series of terms and conditions, which your agent can help you understand.
For instance, a contract usually depends on whether the home buyer can actually obtain the financing to purchase your home, which is why preapproved buyers are so appealing.
A home inspection is also usually included in the sales agreement as a way for buyers to ensure they're not about to purchase a home with serious maintenance issues. Mortgage lenders will also have some conditions for your home—they'll want a title exam, title insurance, termite inspections, and an appraisal to make sure your home is valuable enough to secure the loan.
Make Any Necessary Repairs
After the home inspection, the buyer will submit a Remedy Request for repairs and updates. If there are any maintenance issues, usually the buyer will request that these be fixed before the close.
For example, a buyer may ask for something as simple as a repaint or something more major, like a new HVAC system or a roof. Any agreed-upon repairs must be made before the close.
Review Your Sale Agreement
Don't worry, you don't have to do this yourself when you're working with a real estate agent.
Your closing agent will review the sale agreement to find out what payments and credits you as the homeowner will receive and what amounts are due from the buyer of your house. The closing agent also makes sure that certain transaction costs are paid, like taxes and title searches.
Make Any Financial Adjustments
The closing agent also takes care of this for you. This is the time when certain adjustments will be made, like on your property taxes, to make sure everything is financially accounted for. For instance, if you're ahead on paying your property taxes by several months, your closing agent will make sure that you're compensated at closing for prepaying your taxes by having the home buyer pay you additional money at closing.
It's Time to Move!
Congratulations! You've just sold your home. It's time to finish packing your belongings and transitioning to your new home.
Need to know what to pack and which moving expense records to keep? Want to know more about closing and the Erie home selling process? Get a comprehensive guide to the home selling process with our free Erie Home Selling Guide!
Contact us if you have any further questions about what you'll experience at closing. We'll be happy to assist you.