A Step by Step Guide for Closing a Real Estate Deal

by Kristen White Blogger
For many reasons, real estate transactions are complex. Not very many people will make significant purchases in their lifetime. With a lot at stake, it only makes sense that there are rules to adhere to. The duration of the closing process is not meant to deter you from purchasing a home, but instead, to protect you. Here are the right steps to follow when closing a real estate deal.
Establish an escrow account
An escrow account is an account managed by a neutral party on behalf of everyone involved in the transaction. It’s a way for an unbiased, trusted, third-party to gather all the money and documents and keep them secure. When the manager of the account gets the go-ahead, they transfer the documents to the new owner. The third-party, who can be a Maricopa County Real Estate Special Commissioner, keeps malicious action from happening.

Perform a title search and get insurance
This process also ensures your safety. It protects the property from anyone claiming ownership. Contact a title officer who will look into it and inform you of the title’s status. It is not uncommon that the property is not the seller’s to sell. The officer will do an extensive search to establish the rightful owner.
Get a lawyer
Although it’s optional, getting a specialized lawyer will give you the peace of mind that you need. By hiring an experienced attorney, you can rest easy knowing that all closing documents are in order. On top of that, a trained eye will be able to spot any potential issues and address them before closing.
Negotiate the fees associated with closing costs
Junk fees take advantage of unsuspecting clients. Examples of these fees include application review fees, administrative fees, ancillary fees, appraisal fees, and so on. Note that you can challenge and possibly eliminate these fees altogether.

Perform a home inspection
Doing a thorough home inspection is a critical part of the process. It can help save you from potential issues later on. Any problem discovered during the inspection phase will give you the opportunity to back out of a deal or ask the seller to fix the issue before the transaction is completed.
Negotiate a better deal
Take time to assess everything you’ve done up this point and decide whether the initial listing price needs to be adjusted. If the inspection revealed issues or something came up, you might have a basis to negotiate a better price.
Final walkthrough
You shouldn’t close a deal without doing a final walkthrough – it is the best way to ensure that everything you were promised is in the right condition. Double-check to see that no extra damage has happened and that repairs were taken care of.
Sign the papers
Once everything is in place, you can sign the documents. Note that there will be lots of paperwork. But, you don’t have to feel any pressure to rush through. Read through each page carefully. Don’t sign anything if you see things you haven’t agreed to. Seeking the help of commercial receivers in Arizona can also take the stress out of the process.

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About Kristen White Committed   Blogger

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Joined APSense since, August 19th, 2016, From Chicago, United States.

Created on Sep 11th 2019 02:11. Viewed 412 times.


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