If you’re in the process of buying a home in North Carolina, it’s safe to assume that you’re looking forward to the day when you finally get your hands on the keys.
As excited as you may be, you don’t want to get ahead of yourself. There are many important steps to take as you inch toward closing day, including the following:
- Focus on any contingencies: From an inspection contingency to a financing contingency, you must get these in order as quickly as possible. For example, if you have a home inspection contingency, make sure any agreed upon repairs have been taken care of before your closing.
- Contact your lender: Unless you are buying the home with cash, your mortgage must go through underwriting before you arrive at closing. Start on this process as soon as possible to give yourself enough time to make any necessary adjustments.
- Review your HUD-1 settlement statement: Also known as a closing disclosure, this breaks down everything from your mortgage payment to the terms and conditions of the loan. If you spot something that doesn’t add up, ask your lender for an explanation before closing.
- Conduct a final walk-through: This is your opportunity to double check on the condition of the home. It’s also a good time to make sure all agreed upon repairs are taken care of and that the seller has left everything behind as noted in the contract (such as appliances and window treatments).
- Gather all the necessary documentation: Your agent and lender can help you get everything in order, but some of the things you’ll need include photo ID, home inspection report, a copy of the real estate contract and proof of home insurance.
It’s your hope that everything goes as planned through the final minute of the closing process, but you could run into trouble along the way.
For example, if title problems arise, there’s a good chance it will push back your closing. Conversely, this can impact your finances and living situation, especially if the issue drags on for an extended period of time.
As a homebuyer, it’s important to understand your legal rights and protect them at all costs. You should never feel pressured before or during the closing process, as a simple mistake can cost you money and cause you stress in the future.