At Scott Title Services in Shrewsbury, NJ, we realize that buying or selling a home is a complex and stressful process with many moving parts and issues that need to be resolved, documented and filed before the transaction can take place. We work with you to ensure the settlement process (also called the closing process) goes as smoothly as possible. Our experts scrutinize every step and aspect of your transaction, from the investigation of the title to document preparation to the final closing, so that you can focus on the big picture. You may feel more comfortable having a general idea of what the steps are in the closing process. We’ll give you a general overview of what you should expect.
The closing process can sometimes take several weeks to complete from the first steps to the final walk-through. This is a general breakdown of what steps you will take during this time period. Not every step will apply in every home sale, nor will they always occur in exactly the same order, but, in general, these are the steps of the closing process.
The purchase offer is the document that will set the closing process in motion. This document holds every detail about how a home will change hands, including what appliances and furnishings are staying in the home and which things the seller is choosing to take with them. This document also sets deadlines for the rest of the closing process.
After the purchase offer is signed by both parties, the 72-hour attorney review period begins. During this time, lawyers for both the buyer and seller will go over the contracts, and can negotiate any changes to the terms (if necessary). If an agreement regarding the terms of the contract or any proposed changes cannot be reached, and it is still within the three-day review period, you are allowed to walk away from the sale without risk of penalty or consequence.
Buying a home without an inspection is a gamble, so most buyers are going to get one. There’s only so much the untrained eye can uncover during the initial showing. This will give buyers the opportunity to make sure the systems in your home are in working order and that there are no major problems with the property.
You may also consider additional specialized inspections. If anything is found in these inspections, you can negotiate how to resolve issues before moving any further in the closing process.
Acquiring a mortgage is a critical component of the home-buying procedure, and it should begin as soon as possible, as it is a thoroughly lengthy and precariously difficult step. While each facet of the mortgage application and approval process provides its own challenges, there are few concerns more crucial than remaining as financially stable as possible (such as not changing jobs), lest you risk being rejected and having to start the whole thing over.
There is a lot of money and many important documents that are involved in buying and selling a home. An escrow agent will be able to open up an escrow account to temporarily hold the money and documentation from both parties.
If you are buying a home, you’ll want to make sure there aren’t any loans, liens, or claims on the title that could pop up in the future and cause problems. A property title search will be able to uncover any of these potential issues before you finalize the purchase on the home.
Title insurance protects the holder from damages or losses that could occur if there are issues with a property’s title. Although title insurance for owners is optional in New Jersey, the protection it offers from unforeseen defects and dilemmas makes it highly recommended.
The paperwork you’ll need to sign at closing varies by state and county so connect with your agent for the exact forms your market and situation require. These documents typically include, but are not limited to:
Once this is completed and all the contracts and escrow paperwork have been finalized and the money has exchanged hands, the process is complete!
You don’t want to show up to the closing unprepared. A few days before the scheduled date, gather all the paperwork you’ve filled out over the course of the home buying process. This may include:
Other items you may need to bring to the closing include:
It is also important to take steps to protect yourself from cyber risks during the home closing process. Real estate-related cybercrime has continued to grow over the past few years. Talk to your real estate professionals about precautions you can take to transfer information securely.
Here is a list of people who may be present at the closing, depending on the circumstances:
Traditionally, closings are done in person with all parties involved in the transaction present to sign all necessary documents. However, online remote closings are becoming more and more popular and have certain advantages over traditional closing.
It is important to carefully keep track of the various costs you may need to pay throughout the home buying process. These costs can include, but are not limited to:
At the closing, you will be required to review and sign various documents. Some of these may include:
Here are some sample documents to familiarize yourself with the paperwork you might see before the closing arrives:
While the closing process may seem daunting, there are a few steps you can take to ensure a successful closing.
Once the closing process is complete, you’ll be given the keys to your new home.
For over two decades, the Scott Title team has maintained a commitment to delivering the highest quality of service in the title insurance industry. We provide our clients with an attention to detail they won’t find anywhere else when it comes to title insurance services including property title searches, settlement services, and real estate paralegal services. Buying a home is usually the single largest investment most people make in their lifetime, and our experienced team will make sure you are fully prepared for a smooth and successful closing. Contact us today to learn more about our services.
For property title searches , settlement services , real estate paralegal services and all other related title insurance services , Scott Title Company, based in Shrewsbury, NJ, will work with you every step of the way to make sure you are fully prepared for a smooth and successful closing. If you’d like to begin working with Scott Title, please complete our application for title insurance or contact us to discuss our services.
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