I recently spoke to a person who never attended the closing on a piece of real estate. So, I decided to do a quick blog on my impression of things. Please note I am not an expert on real estate closings, real estate sales, legal issues, or any other aspect related to the transfer of property, etc.
Also, I was not actually involved with this recent closing, only sitting in on the proceedings.
What is a Closing?
In checking online, a closing is the final step in buying or selling a piece of real estate.
There is a stack of paperwork to sign including the mortgage note. Also, there are closing costs to be paid. At the closing, the property is transferred to the new owner. The last part is when the keys are handed over.
Of course, this is a big step in a person’s life and generally congratulations and handshakes end the meeting. Note – Everyone also got a nice free pen from the office handling the proceedings.
They, also, offered us a cold soda which we took but I kept my soda on the floor. I didn’t want to accidently spill anything on the paperwork. Another “Whoops” moment avoided.
Before the Closing
A big part of the closing takes place prior to the actual date, because that is when final details are considered.
Items such as the amount of the downpayment, closing costs, mortgage interest rates and terms, etc., are decided upon.
After You Take Posession
When you get the keys, the home is yours.
That means if you are unable to immediately move in; you need to frequently check on your investment to make sure things are OK.
Ending Notes on the Closing
After the closing the fun part begins. You now get to furnish and decorate your new home.
The person purchasing the new property has only a couple pieces of furniture, so things are a blank slate. Of course, Farmhouse Magic Blog is also ready to help out.
NOTE: Farmhouse Magic Blog has already been to the Goodwill and ReStore looking for used furniture but didn’t see anything that will work. More Shopping needed!
Happy Home Ownership!
Resource Sites – AI Overview and Wikipedia