CLOSING (and beyond...)
The "home" stretch... You've gotten your credit in order, you've been pre-approved for financing, you've exercised the option to buy and now the "finish line" to home ownership is in sight. This page will cover not just the "finish line" - the closing but also the "winner's circle" - the home that is now yours and options of what you can do AFTER you've bought what hopefully is your 'Ideal Home'...
This page covers all the final steps in purchasing a property. The topics covered here are those not involving financing, inspections or homeowner's insurance. Any contingencies regarding these items are assumed to have been fulfilled for the purposes of this page. As a closing attorney is required and/or recommended to handle the closing items discussed on this page, the purpose of this page is to describe what these entail. In addition, we go beyond the closing with tips to make (and keep) your new home Ideal ! |
TITLE SEARCH AND INSURANCE
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CLOSING ATTORNEYS You are free to use any closing attorney(s) you choose. However, we recommend the services of the... LAW OFFICES OF BRIAN M. YARD, LLC Areas covered: Northwest CT |
FINAL WALKTHTOUGH A final walkthrough is typically done before the closing day as to ensure that the property condition has not changed since the acceptance of any inspections and/or any agreed upon repairs have been completed as any discrepancies here could require additional negotiations and possibly a delay in the closing. However, in the case of the "rent-to-own", any final walkthroughs must be completed prior to the start of the lease/option term and not at the end when property is being bought. Once the lease/option term starts, the property is considered accepted in as-is condition. However, it is possible, during the term of the lease option, that items that are landlord's responsibility could develop issues that may need to be addressed. In a final walkthrough, it is recommended that the following things be done (not all of these may be applicable):
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SETTLEMENT: THE DAY OF CLOSING The day of closing is known as the "settlement" and is when all the finalization of the purchase and sale of the property is completed. The closing is done at a location agreed upon by all parties. Where this is varies per local area custom but closings are typically held at a closing attorney's office, a title company, an escrow company or a lender's office. In Connecticut, all closings must be done by closing attorneys. A closing typically lasts 30-90 minutes and involve documents such as a HUD-1 Settlement Closing Disclosure form itemizing all buyer's final costs, credits and charges plus a promissory note, loan estimate and execution of title insurance policy (if applicable). Any document errors, money issues, title issues or inspection/final walkthrough issues must be corrected prior to commencement of settlement. Any uncorrected errors and/or issues may delay settlement. After the closing, the buyer takes possession of the property and the newly transferred deed is recorded. The buyer gets the keys. CONTACT US for more information regarding closings. |
AND BEYOND... YOUR IDEAL HOME Now that you have gotten to the end of this page, here are some tips on how to make and keep your new home ... IDEAL ... |