Closings
Closing is the final step in buying a residential property. It officially happens when you, as the buyer, take ownership of your new home by taking possession of the deed. Closing is often considered an important point because it marks the completion of a dream house purchase!
To get through the closing process, you must first settle up with the seller as agreed previously. You will have most likely already made the down payment and paid the inspection fees. On the closing day, you’ll sign papers to release funds from your mortgage lender to meet the home’s purchase price and execute additional legal documents. You will also need to sign papers officially transferring ownership to you.
The real estate closing process is the final stage of acquiring a home. However, the process of closing on a property might be quite challenging. Here’s what you’ll need to get prepared:
Open an Escrow Account
During the beginning of the closing process, most purchasers establish an escrow account, which is generally handled by the title company. This account contains all the money related to the sale, such as an earnest money deposit, before you officially close on the property. The mortgage provider disburses the cash to the seller and buyer once closing has ended, assuring a safe transaction.
Title Search and Insurance
Title searches and title insurance provide comfort and legal protection. They guarantee that no one else will be able to claim your property after you purchase it. A title search is an investigation of public records to identify and validate a property’s legal ownership, as well as any claims on the property. If any claims exist, they’ll need to be addressed before the sale is concluded. You should also consider buying title insurance at this time, which would cover the expense of any title claims during your ownership.
Home Inspection
Closing on a house necessitates having an inspection done. Even the most stunning residences may have hidden problems that go unnoticed. During a house inspection, an expert or professional inspector will look for significant issues such as foundation fractures, plumbing leaks, roofing problems, electrical system damages, and other potential safety concerns or major necessary repairs.
If the inspection reveals significant problems, you have a variety of options. You can back out of the deal if the findings are unfavorable, or you might ask the seller to remedy the concerns before the closing date as a condition of sale.
Negotiate Closing Costs
Closing costs can require a lot of money, but you’re not without options. See if your lender will lower the origination fee or waive an application fee – that might help with those final financial numbers before signing!
If you must have title insurance, ask your mortgage firm if you can comparison shop to get the best price rather than paying a set fee from the insurer of their choice.
Final Walk-Through
When the buyer does their final walkthrough of a property, they ensure that any previously agreed-upon repairs have been made and the seller has fully vacated. It’s common to do this on the day before the closing date.
Why You Need a Real Estate Attorney
When you buy a home, it’s not just about finding the perfect place for your family to live – there are plenty of legal aspects that need careful examination before making such an important purchase. They include closing documents, the purchase agreement, and so on. This is why enlisting legal professionals with experience in real estate closings will ensure any worries or concerns get addressed head-on.
At the Kelly Legal Group, we provide competitive closing costs with the added benefit of attorney assistance for any real estate transaction. If you’re looking for a trustworthy real estate closing attorney to help you close on your home or investment property, contact The Kelly Legal Group today by reaching out online or calling (512) 505-0053.
“I cannot speak highly enough of the staff at Kelly Legal Group and Attorney Chris Cummings. Facing a time sensitive legal issue with a difficult party, I was overwhelmed and unsure of how to proceed. From intake on, they took the time to truly understand not just the legal intricacies of my case, but also my personal concerns.
Chris’s expertise and guidance were invaluable throughout the process. He was not only knowledgeable and professional but also genuinely empathetic to my situation. They worked diligently to ensure that my case was resolved in a timely manner, ultimately achieving the desired outcome. I would recommend their services to anyone in need of legal assistance!” ~Brittany S.
“I came to The Kelly Legal Group during a tough time in my life where seemingly everything was falling apart around me and they were understanding and diligent, as well as willing, to help me with my case. They truly only charge for true work they do. These guys work hard too! I worked with Anna and her team and we ended up with a positive result in our case. I wholly trust them with all my being and would certainly recommend them or use them again if need be.” ~Jordana K.
“Fantastic team. They helped me square away deed paperwork. They were very responsive, knowledgeable, and clear in the steps required. Pam, Elsa, and Lyndsey were great to work with! I highly recommend using them for any legal work required. Big thank you to the Kelly Legal Group!” ~Calixto K.
“Kelly Legal Group was great to work with and brought my automobile accident claim to a successful resolution. Mr. Kelly was very easy to work with and kept me well-informed every step of the way. The staff was courteous, professional and maintained great communication.” ~Shane H.
“I hired the Kelly Legal Group for a condo purchase in Austin. Jeff and Greg assisted me throughout the whole process from making offers to closing.
They were particularly helpful when additional clarification was needed regarding parking spot assignments and we were able to get the appropriate documents from the seller and closed on schedule.” ~Alexandre J.
“If you are buying land, especially in west Texas, where you need to dive deep into mineral rights and even wind rights, it’s best to take advice from an attorney. I wasn’t aware that when you buy land, someone else might gave wind rights which means they can build a windmill whenever they want…on your land.
I want to thank Sana at Kelly Legal Group in Austin. She helped look into existing lease, contract, title warranty, and guided me to a successful closure.
Yes the advice costs money per hour, but is worth it for the peace of mind during and after the purchase.” ~Chandra R.
“I wanted to share a very positive experience with Jeff Kelly. I called his firm earlier today and was set up with a same day appointment. I had a lot of questions and uncertainty in my situation and Jeff was definitely able to put my mind at ease. I don’t look forward to the potential legal problems down the road but I do look forward to partnering with Jeff because I know he will have my back and make sure the right thing is done. Thank you Jeff!!” ~Melanie A.