Broker/Associate • RE/MAX Oak Crest, Elkhart
Step #10: Congratulations!
More importantly, you will be issued a deed that, once recorded, establishes you as the legal owner of the real estate. Your ownership of the property is a matter of public record, because you are responsible to the local government for property taxes and other obligations.
Because you're working with experienced professionals (like me), you can expect all of the essential legal steps to secure the privileges of ownership due to you will be properly established. I can help you with some of the other aspects of setting up your new home, so you know who to contact to turn on utilities, to enroll children in school, and so on.
You own a home! Yes, there are many practical and legal details to finalize things, but I can give you much of the information you need to take care of those details.
Your Key Step - Congratulations!
Make sure you are prepared to fulfill your obligations at the closing - Count on me to help get you through it.
With a signed agreement in place, you'll have a number of things to take care of before your purchase is legally closed. That legal closing will be scheduled well in advance, and is typically attended by you, me, the sellers, and their real estate agent. Other arrangements are possible if parties to the deal can't come to the closing, or if there are other special conditions to accommodate.
There is a special set of rules in effect to protect buyers and sellers if one real estate agent is representing both. If that is the case, I'll make sure you understand those special protections.
It's not unusual to arrange for one last look at the home you're buying just before the closing. It's a chance to make sure that no significant damage or modification has been made that impacts the value and nature of the property you have promised to buy.
The actual closing procedure is usually managed by a Closing Agent - an expert who handles real estate closings professionally. Some closings are done by lawyers who have an understanding of real estate law. In either case, you'll be asked to sign many documents that ensure that the terms you and the seller specified in the real estate contract will be fulfilled.
I'll provide you with a detailed list of the expenses and proceeds of the sale in advance of the closing date. I can explain any of the items you don't understand - feel free to ask questions. Also feel free to read the documents you are signing. The time to ask questions about them is BEFORE you sign.
With very few exceptions, all of the funds involved in the transaction are exchanged at the closing. That means you will be expected to present a check to cover the purchase price, and to pay for any other expenses that are your responsibility. In exchange, you'll get the keys to your new home - along with garage door openers, and perhaps other odds and ends.
