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What to expect when closing on a home purchase

On Behalf of | Jun 6, 2022 | Real Estate

You don’t take possession of a Rhode Island home immediately after your offer to purchase it is accepted. Instead, it is merely one of many steps that must be taken before the transaction officially closes. Let’s take a closer look at what actually happens on closing day.

You should be ready to complete a lot of paperwork

During the closing meeting, you will need to sign a number of documents that officially transfer ownership of the home from the seller to yourself. If you obtained a mortgage to finance the purchase, you’ll need to sign documents affirming that you will abide by the loan’s terms. In most cases, you’ll receive copies of these documents several days before you actually need to sign them. Ideally, you’ll read them as soon as you get them, and if you have any questions, it’s important to talk to your representative before signing anything.

You’ll need to bring money and identification

If you are paying any closing costs out of your own pocket, you will need to bring a check to the closing appointment. You will also need to bring an approved photo identification card that will be used by the title insurance company to verify your identity. Until this happens, you won’t be able to claim legal ownership to the residential real estate that you’re trying to purchase.

Buying a home is generally considered to be a complex process. Therefore, it’s important that you talk to your real estate agent, mortgage provider or other parties before closing on a transaction. Doing so may help to ensure that the transaction can close in a timely manner and that there are no issues that might prevent you from obtaining the title to a property.