Purchasing a home can be an exciting process in Rhode Island. You’ve found a home that fits your budget and you and the seller have agreed upon a price. Now you have to set a closing date. This is the final step in taking possession of your new home. The information below can help ensure your closing goes as smoothly as possible.
Before arriving at the closing
Tour the property and verify that everything is in the condition that you expect it to be. The final walk-through on residential real estate is generally done within 24 hours of the final closing. Ensure all agreed-upon repairs have been done and the home is clean and free from damage.
On closing day
Bring all your real estate closing paperwork and the funds to give to the seller for all the closing costs. These funds are usually in the form of a cashier’s check. However, it’s a good idea to bring your checkbook in case unexpected expenses arise. You also need to bring some government-issued identification. You must sign several legal documents before the property is finally transferred to you. You must read these documents carefully and make sure that all the information in them is correct.
Things could go wrong
Some factors could cause delays in your closing:
- Home is appraised for less than the value of the mortgage and down payment.
- Home doesn’t pass inspection during the final walk-through.
- Your funds don’t clear.
Closing day can be the most satisfying part of the home-buying process. Being prepared helps to make it go smoothly.