You’ve found the Jupiter home of your dreams, now it’s time to seal the deal. You’ve spent so much time searching and negotiating that it seems like this should be a breeze. But what really happens during the closing process? Well, the first step is getting to the closing table in the first place. Assuming that everything is in order, closing day can be happily uneventful, but there are a few things to keep in mind before the big day arrives.

Scheduling Your Closing

Buying a home is an exciting time, so it’s no wonder that many people try to schedule closing as early as possible, however, this isn’t always the best bet. For example, scheduling on the last day of the month can lead to unintended headaches. You might want to give yourself a few extra days, in case something goes wrong so you aren’t stuck with unexpected fees for a mortgage that is pushed to the next month.

Taking the day from work off, or at least a half a day, is also a good idea. Trying to cram a closing in during a lunch hour or at the end of the business day doesn’t usually work out well. Most glitches can be easily fixed, but can drag on if you have to rush out the door to get back to the office.

What Might Go Wrong?

A common issue during closing is some type of typo or error in documents. This could be a misspelled name, or incorrect house number, but it could also be an error in the loan amount or incomplete forms. While this can be fixed, an error can lead to delays, which is why it’s so important to read through each and every document before signing. Ask to review paperwork as early as possible.

Because there are multiple parties involved with a closing, you may need to take the lead when it comes to contacting everyone before the closing. Though it would never slip your mind, that the big day is circled on everyone’s calendar. Several days before your closing, touch base with your closing agent to make sure that they have everything that they need. Problems do arise, but few are unsolvable. The sooner you catch a flub up, the better, so keep in mind that you may have some work on your plate in the days before closing.

Pre-Closing To-Do List

Now that you know about some of the potential closing day problems that new homeowners experience, you’ll definitely review all of your documents prior to the big day. Along with making sure that all of your paperwork is in order, you’ll also want to make sure that there are no unexpected hiccups with the house.

Buyers are usually permitted to do a final walk-through of the home 24 hours before the closing. If given the opportunity, seize it. This will allow you to determine if any damage was done to the property between contract and closing so that you can negotiate repairs with the seller. Go to the walk through with a thorough understanding of expectations. For example, if light fixtures and fans were to be kept in place but they were removed, this is not acceptable.

One way to deal with last-minute damage is by negotiating a credit on your closing fees, so the seller is required to pay more. Another might be to have funds from the seller’s proceeds placed in escrow until the issues are resolved. In many cases, the seller would rather resolve a problem than delay closing.

Along with reviewing documents and checking in on the home, you’ll also want to make sure your credit remains stable during the period before closing. For example, attempting to open or close a line of credit right before your closing can negatively impact your credit rating, causing unnecessary issues with your lender and delaying or preventing the sale.

Closing Day

Every closing is a little bit different, but for the most part the seller, along with their real estate agent will be present. Also in attendance will be a title company representative, closing agent, the lender and, in some cases, attorneys. Each party will be asked to sign specific documents which will transfer the property ownership.

Buying a home in Florida is similar to the home purchase process in most states, but there are certain rules regarding how and when certain inspections are performed. After all documents are signed, the buyer will receive the keys, unless another arrangement has been negotiated. The buyer will also pay any remaining funds toward their down payment via a cashier’s check and a representative from the title company will record the transaction with the appropriate municipality.

If all of this sounds overwhelming, that’s okay! Closing on a home is not something that most people experience more than a few times over the course of a lifetime. Problems do arise, but most are preventable. It’s completely acceptable to ask questions before, during and after the sale. In fact, experienced real estate agents can help guide you through the process, from the moment that you decide to buy a home until you lock the doors before the first night in your new place, so don’t be afraid to ask, if you are ever unclear during the process.

Let’s Get Started

When you’re ready to get started on the Jupiter home buying journey, contact the team at Lillian Realty Group. Whether you are a first time homebuyer or a seasoned pro, we have the tools that will help you find, buy, sell or rent your next home. We will partner with you to ensure that you end up in the right neighborhood, in a home that fits well with your tastes and lifestyle. We’ve helped people buy homes in Jupiter Farms, North Palm Beach, Port St. Lucie, Stuart and across the Treasure Coast and Palm Beaches. Don’t wait to get started. Contact our team to start working toward your closing today!