Homeownership is one of life’s biggest milestones, and you likely want the process to be as smooth, worry-free and efficient as possible.
With this in mind, here are the things you need to take into consideration before closing on the house of your dreams.
Deal with all contingent requirements
The average home purchase agreement will carry a host of contingencies that buyers should fulfill before acquiring the property:
- House inspection contingency – You have the right to have the home in question professionally appraised in order to detect any hidden problems before reaching an agreement. Thereafter, you may either request the seller to fix any noticeable issues or back out of the deal entirely.
- Appraisal contingency – This is where a third party, such as the institution providing your mortgage facilities, evaluates the market value of the house in question
- Financing contingency – Should the mortgage arrangements you have made fail to materialize for whatever reason, you have the legal right to put the transaction on hold until you can successfully put the requisite facilities in place.
Carry out a final visual inspection
House buyers are always given a chance to carry out a final inspection of the property before completing the paperwork. During this period, it is crucial to check whether the house is in the same state as indicated in the contract terms.
Carry all relevant documents to the closing
As you make your way to the signing table, be sure to have the following with you:
- Copy of the sales contract with the property seller
- Recent home inspection reports
- All the paperwork, as requested by your mortgage provider
- Photo ID issued by the government, and be sure that the name indicated therein will be the name on the mortgage and title
Once you follow the tips above, you will be able to caution yourself from any issue that may arise after property acquisition.