You are so excited to finally own that house that you have dreamed of. But at the same time, you are a little bit nervous. If you are a first-time home buyer and you want to avoid any inconvenience that might delay the settlement process, you should do the three important things below. These three tasks can help you in terms of avoiding possible headaches and frustrations that can be avoided beforehand. It pays to be prepared before making the closing.
Here are the things you need to do before settlement to make sure that the process goes smoothly.
1. Schedule the settlement during business hours. If you schedule the closing after business hours, and your bank or any agency has to make adjustments to your paperwork, the office might be closed.
2. Consult a lawyer before the settlement. The critical time to have your lawyer involved with your purchase is well before the closing. Your attorney should review the purchase agreement, resolve any complications with the title, and make certain any other issues you deem important are covered to your satisfaction. by the time you get to settlement, you have already signed a sales contract as a buyer, the seller has signed, and both of you have created an agreement that spells out the therms. At that time, the terms and conditions are binding and enforceable so bringing an attorney to settlement is a waste of time unless you are expecting a problem.
3. Resolve issues with the property before signing the agreement. The most common obstacle to a successful settlement is when the buyer goes through the final walk-through and the property is not in the condition that hey agreed to. For instance, if a faucet doesn't work, that issue needs to be ironed out or negotiated at settlement between the two parties to produce an amicable resolution. Instead of asking the seller to fix the problems, you might negotiate for a lower price before closing and fix the minor problem yourself.
Here are the things you need to do before settlement to make sure that the process goes smoothly.
1. Schedule the settlement during business hours. If you schedule the closing after business hours, and your bank or any agency has to make adjustments to your paperwork, the office might be closed.
2. Consult a lawyer before the settlement. The critical time to have your lawyer involved with your purchase is well before the closing. Your attorney should review the purchase agreement, resolve any complications with the title, and make certain any other issues you deem important are covered to your satisfaction. by the time you get to settlement, you have already signed a sales contract as a buyer, the seller has signed, and both of you have created an agreement that spells out the therms. At that time, the terms and conditions are binding and enforceable so bringing an attorney to settlement is a waste of time unless you are expecting a problem.
3. Resolve issues with the property before signing the agreement. The most common obstacle to a successful settlement is when the buyer goes through the final walk-through and the property is not in the condition that hey agreed to. For instance, if a faucet doesn't work, that issue needs to be ironed out or negotiated at settlement between the two parties to produce an amicable resolution. Instead of asking the seller to fix the problems, you might negotiate for a lower price before closing and fix the minor problem yourself.
