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The previous article in this series (#4) covered the negotiating step which, when done successfully, leads to a contract for you on the property you want to buy. This article will cover the next step in the process which is handling all the details that have to be taken care of to get to the point of the closing, which is where you will then actually own the property. 5. Getting from the contract to the closing. This step involves as much work as everything up to this point and is another reason why it can be very helpful to have a realtor working for you as a buyer’s agent. After you have a contract on a property and before you close on it, you have your last opportunities to make sure that you know as much about the property as can be found out. Also during this period, everything that is necessary for a proper transfer of the ownership of the property will have to be completed. The first thing that generally gets done once a contract is obtained is to send a copy of the contract to whoever is handling your financing (if you aren’t paying cash). They will need a copy of the contract as soon as possible to get things rolling. They will probably need other documentation from you along the way – and it is best to get them what they need as quickly as possible. The next thing that needs to get done is to schedule any inspections on the property. You will have a specific time frame in which to do the inspections, as laid out in the contract, and minimally you should have a home inspection and termite inspection. These are vital to you as they will let you know about any existing or potential problems (at least the ones that can be found through these inspections). You will need this information so that you can decide whether or not it is in your best interest to proceed with the purchase. A properly done contract becomes important again at this point as it can protect you in the event that the inspections find serious problems. When you have completed the inspections and have determined to proceed with the purchase, the next steps can be started. If you are getting a loan to make the purchase, your lender will want to order an appraisal to make sure that the price you are offering to pay is supported by what the estimated value of the property is in the current market. If you are buying a house, you will also have to contact your insurance agent to have them get you a quote on homeowner’s insurance and, if needed, flood insurance. If you are buying a condo or townhouse, you will have to verify that the condo association pays for the building insurance. If they do, then you can choose to also get optional insurance for the interior and your belongings - similar to renter's insurance. In most cases the building insurance is covered by the condo association, but in the rare cases where it isn't you would then have to arrange for your own full insurance coverage. There are about 25 other things that need to be done to have a successful closing and that will need to be tracked to ensure they are completed and are done correctly. Condo association application, utility account transfers, property survey, etc. The specific actions that have to be done will vary depending on the type of property you are purchasing, how you are paying for the purchase and several other factors. However, I won't bore you with all of that here. I just want you to understand that there is a lot to keep track of and get done in order to get from the point where you have a contract to the point where the property is yours. One of the last steps that you will do is a final walk-through inspection of the property. You'll do this to make sure the property is in the condition it is supposed to be in, including any repairs the seller has agreed to do. This is normally done the day before closing or even sometimes the morning of the day of closing. It is a very good idea for you to plan to be there for this, if at all possible. When everything has been completed, the title company or attorney’s office that is handling the closing will have all the necessary paperwork. Then they should be able to give you a final figure for the amount you will need to bring to the closing. You’ll need to bring that in a cashier’s check and you’ll need to bring your driver’s license with you. This takes us up to the point you've been waiting for - the closing. The next, and final article in this series will describe what you should pay close attention to during the closing so that you can make sure you are getting what you were promised. As an accredited buyer's representative, Ron has designed a special buyer-oriented website that lets you search the local MLS for Clearwater real estate and the surrounding areas. In addition, he provides a monthly email newsletter so you can stay current on how the real estate market is doing in that area. You can visit Ron's website - Clearwater Homes Clearwater Condos - and register for both MLS access and the newsletter.
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