Closing the Deal
When you finally arrive at the closing, you should expect to:
- Sign contracts
- Do a final walkthrough
- Pay closing costs, and
- Get your keys
The closing can take an hour or two, but usually moves quickly because there is little left to do. At the closing you will probably meet the homeowners. This could be the first time you will meet them. This is a good time to ask if there is anything about the home you will need to know.
When you sign the contracts, read them carefully to make sure that everything that has been discussed is in the contract. Ask questions that you may have at this time.
Final Walk Through
The final walkthrough of the home will take place before or during the closing. This is the final chance for you to see the home before it becomes yours. Make sure the items on your contingency are in place so that you can sign the contracts.
Paying Closing Costs
Typically, the buyer will have to pay the closing costs associated with buying a home. But in a buyer’s market, you may be able to add a contingency that states the seller will be responsible for all costs. This may appeal to sellers who want to sell their home quickly.
When deciding who should pay the closing costs, you should research laws that may be in place that dictate who pays for what. Many times, buyers and sellers will agree to split all costs including closing, home inspection, pest inspection, and home appraisal costs. You will have to negotiate with the sellers to see which you will be responsible for.
Get Your Keys
After signing the contracts, you will receive the keys to your new home. This is an exciting feeling and one that will be with you for a long time.