Preparing for Closing
There are a number of things to do before the Closing date.
- Set the closing date.
- Meet conditions of the loan offer.
- Buyer’s attorney will run a title search to make sure the buyer received “clean title”, which will ensure that the seller owns the property and that there are no liens filed against the property.
- Obtain homeowners insurance to protect the owner (and the lender) from losses in the event that the house is damaged or destroyed.
- Final walk-through inspection before closing.
The closing will take place within 30/45/60 days from contract signing, depending upon what terms have been agreed. If paying cash, then a 30-day closing is more likely. If obtaining a mortgage, the buyer will likely get up to 60 days, with the average being 45 days.
THE NEXT STEP IS THE THE CLOSING.