At Ridgewood Savings Bank, we believe that buying a house should be simple and painless. That’s why we keep our customers informed every step of the way. Today we’ll complete our series on the home buying process, and talk about closing. If you’ve missed our earlier articles, and have questions, check out our website joyofhomeownership.com. It’s filled with quick and informative videos about purchasing a home.
Now, let’s get down to business. You’ve found a house, applied for a loan, and received a commitment from the bank. Is it time to start planning your housewarming party? Almost. At this point there are three sets of attorneys working on your purchase (buyer, seller, bank). These lawyers are working on various issues, including what’s called a title report. This report ensures that the sale can properly proceed. If the property has any liens, or title issues, then further actions will be needed before closing.
Once your title report is finished, you’ll have a final inspection of the property. This inspection usually takes place few days before closing, and it’s your last chance to make sure that the home is in the agreed upon condition. After the inspection is complete, it’s time to close.
Closing meetings are a group affair, and you can expect to see a lot of faces around the table. Your attorney, the sellers, the seller’s attorney, the bank’s attorney, the title closer, and the realtor may all be there. And if you think there are a lot of people at this meeting, just wait until you see all the paperwork. But don’t worry, your lawyer should explain the documents you’re signing, and answer any questions that come up. After you’ve presented your certified funds to the seller you’ll choose a move-in date, and end the meeting with smiles, handshakes, and a few hugs.
Then it happens. You get the keys, pop the champagne, and you enjoy a well-deserved toast in your new home. Owning a home is the American dream. The experienced bankers at Ridgewood have been making this dream a reality for over 90 years. Member F.D.I.C. Equal Housing Lender.