What First-Time Home Buyers Need to Know About Real Estate Closing

Finally being able to purchase your own home is a milestone many Americans spend years thriving toward. Walking through your front door and know you own your home is a feeling like no other. However, many first-time home buyers have no idea where to start when it comes to finding a house, let alone what they should expect of real estate closings in Parkland. Knowing what to look for and how to navigate the negotiation process can save you from future headaches and financial strains. 

If you are in the process of buying your first home, here’s what you need to know:

What is Real Estate Closing?

As the name would suggest, real estate closing is the final stage of the home purchasing process. At this point, the current owner has accepted your offer and the legal work of transferring ownership begins. It is important not to rush into real estate closings in Boca Raton. Take your time when exploring your home options. Once you’ve narrowed down your options, getting a professional inspection can help to uncover any issues which may not be immediately noticeable. Things like hidden structural weakness, leaking roofs, and other damages can spare you from future unexpected expenses. With these issues identified, you have two main options:  

1. Negotiate to lower costs: with a professional property assessment, you can haggle to lower the price of your potential new home and make repairs yourself. 
2. Negotiate for repairs prior to purchase: use the information at your disposal to hold the current home owner accountable for existing damage. This may extend the real estate closing process, as the final step cannot be completed until contractual obligations are resolved.

Real estate closings in Parkland begin once a home owner accepts your offer. The final closing date is typically determined during negotiations and set for several weeks after the offer is accepted. By this point, the terms of your purchasing agreement should be completely ironed out, with both parties away and accepting of all clauses. It is your responsibility to review this contact before signing. An Expert Title Company real estate attorney in Parkland can help to ensure the contract is ironclad and agreeable.

Once the real estate closing period begins, the party selling the property has a specific time frame for completing any and all remaining tasks necessary for transferring ownership of property. This includes vacating the home if it is still occupied, making repairs, and addressing other obligations. Be sure your contract is specific in what must be handled during this phase of real estate closing, as all unresolved issues will become your responsibility after purchase.

How Expert Title Company Can Help

Expert Title Company is dedicated to helping you realize your dream of homeownership. We use our extensive knowledge and experience to guide you through the legal aspects of purchasing a home. Our team works with you and for you, so your best interests are our priority. Are you ready to purchase your first home? Let Expert Title Company make your dream come true!