Make closing day hassle-free

For a homebuyer, closing on a property means finally having the flexibility to build and create your own living space and, as  homes typically appreciate over time, some measure of financial security.

Unfortunately though, closing also means having to comb over pages of legal documents, budgeting for closing costs, and finalizing your home financing.  By being prepared before moving day, you’ll make sure there are no surprises.

Paperwork

Some of the legal documents you’ll need to look at on closing day include estimates, contracts, title searches, appraisals, home inspection summaries, and financial documents.  Your real estate lawyer and/or sales associate should make these services available to you.

A week before you take ownership, consider coordinating a meeting where all respective agents, vendors, buyers, and your attorneys finalize closing details and documents.  This step will help you avoid any surprises the day of, and ensure all paperwork is complete prior to taking possession.

When you close, also make sure to obtain the deed to your property.   

Payments

Your mortgage is far from the only cost you should expect to pay when purchasing property.  Other expenses may include legal fees, insurance, appraisal fees, moving fees, utility hook-ups, and depending on what state you live in, land transfer taxes. 

Once you’ve been pre-approved for a loan, begin discussing closing costs with your Better Homes and Garden Real Estate sales associate.  If you need more cash on hand for anticipated closing costs, this may force you to adjust the terms of your home financing.  Putting down a smaller down payment is one way to free up some additional cash; however, it may make it more difficult to obtain financing from your lending agent.  Also, consider that a smaller down payment may mean higher monthly mortgage payments.  Carefully weigh these options with your sales associate and consider the length of time you intend to stay in your new home.  

Additional Closing Costs

Land transfer taxes are costs many first-time buyers may overlook when purchasing a property.  Whatever the amount, the trick is to be prepared. 

Ask your sales associate to look at comparable sales in the neighborhood.  With that information, he or she should be able to provide a fairly accurate cost estimate that will help you budget more effectively before taxes.