The time before you officially own your home will be one of the busiest times of your life. Packing, cleaning, contacting movers and deciding what household items get sold or taken with you will fill your daily schedule. With so many things to do, you may have a difficult time focusing on the real estate closing Austin TX.
What is a Real Estate Closing?
Also referred to as a settlement, the real estate closing represents the final step in completing a transaction to buy real estate. This is when official property ownership transfers from the seller to the buyer.
A final distribution of funds occurs on closing day. Those who sold your new home receive a check for the money they earned from sale. Agents receive a commission check for their involvement with the transaction. As the home buyer, you will need to get a cashier’s check to cover the closing costs.
Events That Occur Before the Closing Date
Usually, the time and date for closing is set when you make an offer and begin negotiations on the deal. The seller might make a counter offer and propose a different date or choose to accept your date and offer.
Whatever the agreement, the closing date is often scheduled several weeks after the buyer accepts your offer. Despite being anxious to move into your new home, this is a good thing. It allows enough time for a home inspection, lender appraisal, the underwriting process and other important events that should take place to ensure a smooth transaction at closing.
What to Expect on the Big Day
Be prepared to sign your name to a lot of documents during the real estate closing Austin TX process. This could mean your signature appears from 10-30 times for items such as legal disclosures, tax records and the mortgage.
Once all documents are signed and all funds are disbursed, the deed of ownership is transferred. The seller gives you the keys and you are now a homeowner.
After the Closing is Over
The only thing that might be left is if there are post-closing agreements between you and the seller. Otherwise, you can take possession either immediately or shortly after the real estate closing.