If you have found the perfect house and had your offer accepted – no mean feat in this real estate market. You have gone through inspections and negotiations with the sellers until you both reached a comfortable compromise/deal. Your mortgage rate is locked in and you’ve even gotten a homeowner’s insurance policy for your new property. But before you can move in, you have to go through a mysterious process called home closing. You know that the result of the home closing process is that you get the keys to your new house, but you are not certain about what happens during closing or what materials you need to bring. As well, you might be slightly worried: Is there anything you can do wrong during closing to jeopardize your homeownership?
Maybe you have been through closing before on another property, but you are not exactly sure about everything that happened or what all the papers you had to sign meant. You might wonder if anything will be different this time, especially if you bought your previous residence in another state.
Here are the expert answers to the most FAQs for home buyers in Dallas about home closing. It’s definitely a must-read topic if you are going to purchase a new home in Dallas.
What Exactly the Home Closing in Real Estate Industry Means?
Home closing is also referred as completion of settlement. It’s the final step in buying a residential property and is officially happens when seller and the home buyer in Dallas TX come face to face to sign the deal. The buyer takes the ownership of the property usually by taking possession of the deed.
You need to pay the seller what you agreed previously on to get to that point. During the closing day, you will sign the paperwork to legally release the funds from the lender to the seller’s account as well as other legal documents. The seller will also sign paperwork to transfer ownership to you. Closing is the last step in buying a home. Before you can complete closing, you need to have finalized your purchase agreement with the home buyers in Dallas.
Completed closings need inspections and rectification to receive an accurate appraisal for the property and had your mortgage application approved.
Are Sellers & Home Buyers in Dallas Closing Together?
No! Dallas, TX is an escrow state which means that a trusted third party holds both the money and the signed deed and makes all the necessary arrangements for the transfer. That lets the seller and home buyers in Dallas come in at separate times to sign their documents transferring and accepting ownership, respectively.
How Long Does Closing Take?
Usually, your part of closing is done in an hour or two on one day. It can take as little as a half hour but is best to set aside two-three hours to make sure you aren’t rushed. The sellers also have to complete closing documents, and they might do that on a different way- but it will usually be done before your time at the closing table.
Calling a Professional Agency to Assist Home Buyers in Dallas
Obtaining an ideal home i.e. best for everyone at family is really a daunting task if external help was not taken into consideration. Get in touch with a professional real estate agency who will keep every home buying demand in mind and find the best home for you that make an worthy investment.
Closing the deal through a professional agency will provide backup to you and secure your investment on many grounds. So, always seek the help of an agency while dealing with the chores of home closing.