Triangle Property Lines: Six Steps To Buying a Home in 2013

STEP SIX: Closing on Your New Home – It’s the Big Day!

HOW DOES A REAL ESTATE CLOSING – SETTLEMENT – WORK IN NORTH CAROLINA?

Before closing on your property, you and your agent will make a final walk through and inspection to ensure that all terms of the contract have been met. This inspection is generally made on the day before or the day of closing.

Here in NC, you will be provided with a Preliminary Settlement Statement (also called the HUD) a day or so prior to the closing for you & your agent to review & make sure that all credits & expenses have been allocated properly. All costs involved with the purchase of the home will be included, even those you may have paid already (e.g., the home inspection). Be sure to go over this with your agent to be sure you understand each line item.

I (or a representative from my office) is always there with you at the closing. Most often the sellers and their agent are also present. It is a great opportunity for you to meet & ask any questions about the home from the buyer. At that time, your attorney will again review the HUD Statement with you. Don’t hesitate to ask any questions you may have.

You will be asked to sign multiple copies of documents as originals are required. These documents may include such things as your Deed of Trust and/or Mortgage Note, lender requirements, pay-back schedules, and other items that will be specific to your transaction. Each item will be explained and, again, don’t hesitate to ask questions.

After signing all the paperwork, you will provide a cashier’s/bank/certified check for the balance due (you will be told that amount prior to the Settlement Date when you review the Preliminary HUD). Now, the last step necessary is the recording of the deed.

You may be given the keys to your new home, but the home does not belong to you until the deed is officially recorded at the town courthouse. Often, I take my clients to lunch while we wait for word that the deed has been recorded. Once we get word, you are free to head on over to your new home & start decorating & moving your things in.

Congratulations! You are a Home Owner!

I am really enjoying hearing from you all on where you are in your process and learning how I can help you better understand the home buyer process. Give me a call right now & I’ll get you started on your path to owning a home.

Elizabeth Scott, Realtor®, Broker