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Closing a Real Estate Deal: A Step-by-Step Buyer's Guide to Completing Transactions

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You've jumped through the burning hoops of the real estate market and made it to the other side with a seller's agreement. Perhaps now you're wondering: what's next? If that's the case, it's time to learn how real estate deals actually close. Before you can celebrate with champagne in your new kitchen, there are several steps to complete.

For example, it's better to practice your writing skills because you'll be signing a lot of paperwork. This is where the mobile escrow agent comes into play. The escrow agent verifies documents and confirms identities of signers (you) and ensures they are acting willingly. Additional oversight can give you an idea of how complex the closing process might be.

If you recently made an offer to buy your dream home, here is your step-by-step guide to closing real estate deals.

Closing a Real Estate Deal: A Step-by-Step Buyer's Guide to Completing Transactions

Opening an Escrow Account

Selling a home can take about a month or even longer, so the third party must open an escrow account for both buyer and seller. This third party holds money and documents related to the real estate sale until the deal is closed on closing day.

Conducting Title Search and Obtaining Title Insurance

Performing a title search and getting title insurance gives you peace of mind because it means no one else can claim ownership of your property in the future.

Hiring a Real Estate Attorney

Due to the complex language of closing documents, you should hire an attorney to ensure that you understand the terms. An experienced real estate lawyer guarantees that you won't be misled when signing.

Performing a Home Inspection

The cost of a quality home inspection is priceless. If there are any serious issues with the property, inspection can give you the option to walk away from the deal or require the seller to fix any defects before you move in. You don't want to end up with a bad house, so definitely contact a qualified home inspector before you hand over the money.

Closing a Real Estate Deal: A Step-by-Step Buyer's Guide to Completing Transactions

Locking in Your Mortgage Rate

Since mortgage rates change quickly on the volatile real estate market, you'll want to lock in your rate as soon as possible. Remember, you’ll likely be paying interest for years, so you need the best rate.

Maintaining Communication with Your Lender

Communication is crucial when trying to get the keys to your new home. Stay in touch with your lender. In the final week before closing, regularly communicate with them to ensure everything is going smoothly.

Performing a Final Walkthrough Before Closing

You can't always trust sellers to fix problems in the house. Do a final walkthrough about a week before closing to ensure that all outstanding issues have been addressed by the sellers.

Completing Paperwork on Closing Day

You've made it through all the steps of closing a real estate deal. The final step is meeting with the seller, attorneys, lenders, and notary to sign all documents. Congratulations, you are now a homeowner.

Before You Go

The path to your new door may seem endless if you focus on the lengthening process of closing. We hope this step-by-step guide helps you cross the threshold without loss.