Buying a House? First Consider this Advice on Closing
Congratulations on buying a new house. This is a very exciting time in your life, but also probably a stressful one. Not only did you have to go through the process of searching for your perfect home, but you also had to endure the painstaking process of reading through contracts and sorting through your finances. However, even though signing the contract is a huge milestone in the process to owning a house, it’s also a marker of an arguably more difficult next step: closing. Following this closing checklist is crucial to the process:
Hire an inspector
Just about any top Realtor in Washington D.C. would agree that hiring an inspector to go through the house is more than necessary. If the house has any defects, like pests or damaged foundation, and the owner didn’t disclose that, then you likely have grounds to break the original contract. If the inspector does find issues with the property, you may be able to either get out of the contract or negotiate a lower price for the property. Either way, you don’t want to find yourself in a situation where you’re moving into a house that needs major repairs.
Keep ahead of financing
On the day of closing, you need to have been approved for financing (if necessary). If the estimated date for approval or any other key dates have been delayed, you need to talk to your real estate agent or attorney about an addendum to the original contract, especially if the delay interferes with the closing date. Financing is a crucial component to the closing process and not having it in order can count as a breach to the contract.
Purchase a title policy
Purchasing a house is nothing like purchasing a bike; it comes with a whole slew of legal processes and complications can certainly arise. For example, if the previous owner failed to pay property taxes, then you, the current owner, could be in trouble. Luckily, title insurance works to protect new owners from these types of legal issues. Your title agent will research the property and make sure that there are no red flags that might prevent you from owning it. Purchasing a title policy prior to closing on the house is a necessary step towards protecting yourself.
Hire a closing company
The closing process isn’t an easy one, and it’s better to hire a closing company that understands the steps and who can protect you during the process. Again, buying a house is a huge and expensive investment; going through it alone is stressful. On the day of closing when all parties meet to sign off on the house, your closing agent will make sure that everything regarding the contract is in order. That way, you can sign any remaining documents and move into your lovely new home.
Don’t go through the closing process on your own. If you’re in Arlington, VA, or the D.C. metro area, contact Allied Title & Escrow for assistance. Our team of dedicated individuals have the experience to help you purchase and own a home.
At Allied Title & Escrow, our team of industry experts and attorneys have over 25 years of experience in title, settlements and real estate transactions. Headquartered in Arlington, VA, we provide residential and commercial services throughout all counties of Northern Virginia, Washington DC and Maryland. We strive to provide the highest level of service and will handle all aspects of the title and settlement process.