What You Need to Know About Closing On Your Home

family at closing

Closing is the last step in a real estate transaction, when the purchase contract is finalized and ownership of the property is officially transferred to the buyer. It’s not uncommon for buyers to have questions about the process, so take a look at some of the most frequently asked questions about closing, with information provided by local real estate attorney Scott Mills.

How long will it take to close?

As long as there aren’t any issues with the title, a closing can generally be completed in a week or less, with the actual closing meeting taking an hour at most. As long as the law firm and lender have done the preliminary work, the closing statement will have been reviewed by all parties prior to the actual closing, making it a quick and easy closing.

Will I be able to read the closing documents before signing them?

In order to read the documents prior to closing, the borrowers will usually have to request that their lender provide the closing documents early. Once the documents are have been delivered by the lender, they can be provided to the buyer and seller to review before the closing.

What if I can’t be at the closing?

Sometimes a party will not be able to make the closing and will need a third party to sign. The closing attorney should not sign for any of the parties. Sometimes a Realtor will be given Power of Attorney to sign on behalf of a client, but the best solution is for the absent party to enlist a friend or family member to sign on their behalf.

How much money should I bring to the closing?

Each transaction is different, which is why it’s important to communicate with your lender on exactly how much the closing costs will be. However, if you bring too much or too little to the closing, it’s not the end of the world. If you bring too much, the closing attorney will write you a check for the excess at that time. If you end up falling short of the closing costs, most real estate attorneys will accept a personal check for the difference up tp about $1000. To be safe, check with the closing attorney beforehand.  Also, all amounts over $1000 have to be wired ahead of time.

If you are ready to buy a home in Marietta or one of the other North Atlanta communities we serve here at Wolfert & Wrenn Real Estate, contact us today! We are always glad to help our clients enjoy a smooth, stress-free home buying process.