When you’ve finally found a home that meets all your criteria, you may be eager to stake your claim and move in right away. However, homebuying includes several weeks of the closing process before you can officially move. Here’s more about this period and how a real estate lawyer can help.

A Guide to Real Estate Closings

Who picks the closing date?

The closing date, or the moment when the house becomes your official property, is decided upon by both the buyer and the seller. Together, you’ll agree on a date and list it in the purchase agreement contract. However, your real estate agent, mortgage lender, or title insurance agency may adjust the day based on their opinion of a reasonable timeline.

How long does it usually take?

The period between your decision to buy a house and the date at which it becomes yours may vary. On average, most closing processes are over a month, or around 40 days. This allows enough time for the real estate agent to prepare the paperwork, secure the title, and ensure a fair deal.

What do you need to do before closing on a home?

Before the home is officially transferred into your possession, ensure it’s worth buying. Schedule a home inspection to have a professional check the property for hazards, such as mold, lead paint, asbestos, radon, and other issues that may lower its value.

Talk to a real estate lawyer about renegotiating the price of the house if significant problems are revealed during the inspection. Also, have the home appraised so that you can get the right insurance policy.

What may lengthen a real estate closing?

Sometimes, closing dates are pushed back due to mortgage loan approval issues. Getting preapproved for a mortgage before putting in an offer streamlines the process. While you'll still need to formally apply for financing once the seller accepts, preapproval makes doing so significantly easier. It also signals to the buyer that you have the funds to back up your offer, which makes them more likely to agree to it in the first place.

If there’s an issue with the title—such as a past owner who still owes money toward the house—closing may be postponed. If the home inspection turns up a serious problem, such as mold growth or pest infestations, you may want to delay the closing until the issue is corrected or the selling price is lowered.

If you’ve found your dream home and want to move forward, reach out to the real estate lawyers at Ferraro Kruk & Ferraro LLP of Brockway, PA. This firm is proud to help prospective homeowners throughout Jefferson, Clearfield and Elk counties. As a family business, these attorneys offer exceptional, accommodating customer service. To learn more about their practice areas, visit their website, or call (814) 268-2202 to schedule a consultation.