Whether individuals are buying their first home in Florida or their fifth, in order to finalize the purchase of the property they must go through a closing process. The key to a successful closing is preparation. It is important to familiarize yourself with all of the necessary steps this entails so everything goes as smoothly as possible.
First, you must choose a reputable, experienced attorney to guide and represent you at the closing. Forbes notes that it is important to work with a solid professional since there are many important factors at the settlement table that will contribute to a flawless execution. Using a checklist can help in collecting and organizing all of the necessary documentation.
Immediately prior to the closing, there will be a final walk-through of the property. Then various parties gather at the closing table, including the seller and the buyer. This is the time for you to review and sign multiple documents. Many of them pertain to matters that took place between your accepted offer and closing day, such as the contract, appraisal, proof of home and title insurance, home inspection and loan documents from your mortgage application. You must also bring your payment and a government-approved photo ID such as a driver’s license or a passport to the settlement.
When buying a home, is important to budget for closing costs, which are generally between 2 percent and 5 percent of the purchase price of the property. And, according to The Washington Post, there are often small discrepancies at the closing table that may often range from $50 – $400. It is important for buyers to have their checkbook with them and also to realize that this is just part of the closing process.