Final Walk-Through
The final walk-through of a real estate property, typically conducted the day before closing, is a crucial last step for a prospective buyer. This is the opportunity to inspect the property one last time, ensuring that it is in the agreed-upon condition as stated in the contract. During this walk-through, buyers check that any repairs agreed upon after the initial inspection have been completed satisfactorily, and that the house is in the same or better condition than when it was first viewed.It's also a time to verify that all fixtures and appliances included in the sale are present and in working order. Importantly, this final inspection ensures there are no unexpected changes or damages that occurred since the last visit, allowing the buyer to address any issues before finalizing the property's purchase.
Closing Disclosure
Approximately 60-90 days after signing your real estate contract, you should have fulfilled all the contingencies outlined in your purchase agreement and received final approval for your mortgage. Your lender will provide you with a Closing Disclosure at least three business days before your scheduled closing date. This document details the total amount you need to bring to the closing and includes all the specifics of your mortgage. It's important to carefully review the Closing Disclosure to ensure that the figures align with the initial loan estimate you received. Should you notice significant discrepancies, it's essential to discuss these with your mortgage loan originator immediately.
Closing Day
On the closing day, which occurs three days after you receive your Closing Disclosure, you'll complete the final steps of the home-buying process. The closing location may be at the lending bank, the title company managing your earnest money in escrow, or at a lawyer's office, as per common practice in New York. During this meeting, you will sign all mortgage-related documents, finalize any required insurance paperwork for your mortgage, transfer the down payment into the escrow account, and cover any closing costs for which you are responsible. Following the signing, your lender will transfer the mortgage funds to the escrow account. The escrow company then ensures that you receive the title and keys to your new home, and that the seller receives their payment.
You did it!
Congratulations are in order at this stage – you are now a homeowner! This closing process marks the culmination of your home-buying journey, transferring ownership to you and fulfilling the legal and financial requirements of the state.
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