Closing on a home is likely a dream come true for you or your family. You’ve probably spent time budgeting, saving money and doing all the necessary research to ensure you’re purchasing the house that’s right for you. There are several factors to consider before making this important decision. If you’re a New York resident preparing to close on your new home soon, here are some things to keep in mind about real estate transactions.
What happens during a home closing
The closing process is the last step of purchasing your home. This is one of the most important real estate transactions, since the deed is recorded after you sign the document, and the home officially becomes yours.
A neutral third-party such as a real estate attorney or title company will preside over the closing process. During the closing, the title from the home is transferred to you from the seller. The proceedings of the home sale are given to the seller, and all necessary buyer and seller fees are satisfied. Fees can include real estate commissions, property taxes and title insurance.
Necessary documents for a home closing
During home closing real estate transactions, you’ll need a cashier’s check to cover your closing costs and down payment. You should also bring your checkbook so you can take care of any last-minute fees that might arise. It’s also important to bring your full attention to the closing so you can ask questions or voice your concerns before the process is complete.
Speak to a qualified and experienced real estate lawyer to help you prepare for your closing. Knowing what to expect from a legal perspective can help you feel more at ease about this exciting event in your life.