Closing on a home is an exciting step in a person’s life, but it’s one that can turn into a nightmare if they don’t do their due diligence and ensure they handle the purchase properly. There are several steps to take before and during the closing to help everything go a bit smoother.
Anyone who’s purchasing a home should ensure they understand the necessary steps leading up to the closing date. These three mistakes could cause significant issues when it’s time to close.
1: Failing to go through a final walkthrough
The final walkthrough is critical because it’s a chance to ensure the property is in the condition it’s supposed to be. Buyers who skip this may find that the property needs repairs, appliances are missing or other similar issues. Finding these after closing can lead to costly legal battles.
2: Failing to review closing documents
The closing documents are comprehensive and often complex. Sorting through everything can be challenging, but it’s critical to go over everything to ensure that it’s all as it should be. Failing to do so can lead to considerable legal challenges later.
3: Failing to prepare for closing costs
Many people think about the down payment on a home and fail to consider the other costs that come at closing. This can include fees, title insurance, taxes and other similar expenses. These should be spelled out clearly in the documents related to the sale. Not being prepared for all these costs can lead to delays or a canceled closing.
Because buying a home is such a major purchase, it’s critical to ensure everything is in order. It may behoove individuals going through this process to consult with a legal representative who can review everything to ensure it’s as it should be.
